Finance Bill

Baroness Ritchie of Downpatrick Excerpts

2nd reading & Committee negatived & 3rd reading & 2nd reading (Hansard) & 2nd reading (Hansard): House of Lords & 3rd reading (Hansard) & 3rd reading (Hansard): House of Lords & Committee negatived (Hansard) & Committee negatived (Hansard): House of Lords
Friday 17th July 2020 Lords Chamber

[Baroness Ritchie of Downpatrick (Non-Afl) [V]]

My Lords, it is a pleasure to follow the noble Lord, Lord Young of Norwood Green.

In many ways, I find it slightly surreal that we are discussing this Finance Bill today. The 11 March Budget, on which the Finance Bill is based, feels like a relic from another age. The Covid-19 pandemic means that we are now living in a completely different world. It has led to an economic contraction of 25% and the total cost of emergency measures could run as high as £300 billion. These are eye-watering figures.

The recent mitigating measures announced by the Chancellor are largely welcome as far as they go, but the extent of this crisis means that the Government need to engage in some bold and imaginative new thinking, including the relief on stamp duty for house buyers for one year. I hope the Minister will advise us of further thinking in this regard.

Covid-19 has created huge volatility and uncertainty, and the economic shock waves will be with us for years to come. This means that the policies of the past and the effect that they have, in both the public and private sectors, need a thorough examination. Nothing should be left off the table. One particular focus should be on making public revenues work as hard as possible, and I am thinking particularly about tax reliefs. Earlier this year, the National Audit Office concluded that these should be reviewed, and I wonder if the Minister could provide us with some further detail on that.

I want to refer to a matter in Northern Ireland. Earlier this year, in the first week of January, the Government signed up to a wide range of financial commitments in the New Decade, New Approach all-party settlement. The then Secretary of State for Northern Ireland, Julian Smith, was congratulated on delivering this agreement with the Northern Ireland parties after a long downtime. There are important commitments in that document about getting Northern Ireland’s critical infrastructure—in particular, water, transportation and health—up to UK norms after years of underinvestment. Could the Minister investigate this matter and, if that is not possible today, come back to me in writing about when those financial commitments will be delivered as promised in New Decade, New Approach to ensure that we have proper and adequate delivery of devolution? The regions are left wondering about the disparities and inequalities.