Oral Answers to Questions

Brian Leishman Excerpts

Tuesday 8th April 2025 Commons Chamber

[Neil Duncan-Jordan (Poole) (Lab)]

14. What recent assessment she has made of the potential merits of introducing a wealth tax.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

19. If she will make an assessment of the potential implications for her policies of the findings of Oxfam’s poll on taxation, published on 25 March 2025.

[The Exchequer Secretary to the Treasury (James Murray)]

This Government are committed to ensuring that the wealthiest in our society pay their fair share of tax. The Chancellor announced a series of reforms at autumn Budget 2024 to help fix the public finances as fairly as possible. Those reforms included increasing the rates of capital gains tax, increasing air passenger duty for private jets, and raising stamp duty for buyers of second or more homes.

[James Murray]

As I made clear earlier, the Government have already made changes to make the tax system fairer, and to ensure that the wealthiest pay their fair share. The reforms to the welfare system are principled reforms to tackle perverse incentives that encourage inactivity. We need to support those in most need, get people back into work wherever possible, and protect the sustainability of the welfare system.

[Brian Leishman]

Let us be frank and not spin it: for 14 years, we saw austerity that ripped the heart out of communities; we then had a global pandemic, during which inequality was accelerated; and we are still feeling the effects of a cost of living crisis that is making ordinary people poorer. The public do not want cuts or austerity—they want an annual wealth tax on the very wealthiest in society. Is it not time we had a Government who do something different, give people what they want, and are willing to redistribute wealth for the benefit of many in society, and to improve living standards?

[James Murray]

I politely suggest that if my hon. Friend thinks we are imposing austerity, he has not read the Budget very carefully. It contains increases to revenue spending in all Departments—across the public spending envelope—and an increase in capital investment. We are ensuring that we build for the future while protecting our fiscal rules. Let me be clear: those fiscal rules are not a nice-to-have addition to the way we approach the economy. Fiscal irresponsibility has a huge cost, as we saw under the previous Government.

Oral Answers to Questions

Brian Leishman Excerpts

Tuesday 4th March 2025 Commons Chamber

[James Murray]

The OBR’s spring forecast will take place on 26 March and be accompanied by a statement to Parliament from the Chancellor. Ahead of the statement, the Government will not give a running commentary responding to forecasts and economic developments, but I reassure the hon. Member that the Chancellor’s commitment —indeed, the whole Government’s commitment—to our fiscal rules is non-negotiable.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

It should not be working people who pay more tax, because wealth inequality is growing in the UK and improving living standards is ultimately what the Government will be judged on. Does the Minister see the merit in introducing an annual wealth tax of 2% on people with over £10 million-worth of assets, which would go an awful long way to raising £26 billion per annum to equalise society?

[James Murray]

I hope my hon. Friend will welcome the £200 million investment in the Grangemouth facility, which has already been spoken about today. I hope he will also support the Government’s decision to restore fiscal responsibility to public finances within the tough fiscal rules that the Chancellor set out at the Budget.

Oral Answers to Questions

Brian Leishman Excerpts

Tuesday 21st January 2025 Commons Chamber

[The Exchequer Secretary to the Treasury (James Murray)]

During the passage of the National Insurance Contributions (Secondary Class 1 Contributions) Bill, we set out clearly how the scheme would work to reimburse costs for public departments or local government. That measure is in line with what the previous Government attempted to do with the health and social care levy. Where third-party private contractors are engaged, those costs will be considered by local government or other public sector organisations in the round.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

T4. The previous Conservative Government decided to back an INEOS project in Antwerp, with a £600 million loan guarantee. I have spoken with the current the Secretary of State for Energy Security and Net Zero and the Under-Secretary of State for Energy Security and Net Zero, my hon. Friend the Member for Rutherglen (Michael Shanks) about that, and I have been told that the Government have no plans to stop that money, even though INEOS plans to close the Grangemouth refinery, with the loss of thousands of jobs. Why is there £600 million for Antwerp and not Grangemouth, and why would the Government allow that to happen and not use the £600 million as leverage with INEOS, to avoid Scottish job losses?

[Rachel Reeves]

This Government cannot account for the decisions made by the Conservative party, but we have created the Office for Value for Money, to ensure value for money when we use taxpayer’s money.

UK-China Economic and Financial Dialogue

Brian Leishman Excerpts

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

There has been global volatility in markets. It is not reasonable to suggest that bond yields in the United States, Germany and France have risen because of decisions made by this Government. I think the hon. Member should just get real.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

I thank the Chancellor for her statement. In regard to raising money for public services, an annual wealth tax on the multimillionaire and billionaire class would certainly achieve that. However, that is a conversation for another day—on to China. My right hon. Friend and I have had discussions regarding the closure of the Grangemouth refinery, in which PetroChina—part of the Chinese state-owned China National Petroleum Corporation—is heavily involved. If the refinery closes, thousands of jobs will be lost. This is not just a constituency issue for me. It will impact all of Scotland, as our fuel and national security will be severely weakened. Did the Chancellor speak about the issue with her Chinese counterparts, and if not, will she do so?

[Rachel Reeves]

We are working closely with the Scottish Government to ensure that there is a bright future for the people of Grangemouth, because deindustrialisation should not be the future for communities, including in Scotland.

Oral Answers to Questions

Brian Leishman Excerpts

Tuesday 3rd December 2024 Commons Chamber

[Rachel Reeves]

We have published the detail of how that money is raised, but the numbers from His Majesty’s Revenue and Customs are very clear: only a quarter of estates will pay any additional tax. At the moment, the vast majority of agricultural property relief is enjoyed by a very small number of very large and very expensive estates. That is not affordable, and it will not continue.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

I declare an interest: I am a member of Unite the Union. The Grangemouth refinery costs £100 million a year to run, and its economic contribution to Scotland exceeds £400 million per annum. Unite has a credible plan to save the refinery and prevent thousands of job losses. Will the Treasury consider the plan, and meet me, Unite and the refinery owners to discuss its viability and Government intervention for the public good?

[Rachel Reeves]

I am happy to arrange a meeting between my hon. Friend and the relevant Minister.