Finance Bill

Debate between Caroline Nokes and Tim Roca

2nd reading
Wednesday 27th November 2024 Commons Chamber

[Tim Roca (Macclesfield) (Lab)]

I congratulate my hon. Friend the Member for South Derbyshire (Samantha Niblett) on her phenomenal maiden speech. She is already proving to be a powerful advocate for her constituents.

The Finance Bill is a necessary corollary to the Budget. It is the beginning of a process that the new Labour Government are undertaking to rebuild the foundations of our country, after an incredibly poor inheritance from the predecessor Government. I have been quite shocked to hear the joy with which Conservative Members have been speaking about the phenomenal economy that they left the country with. It is an economy in which wage growth has flatlined at the lowest level since the Napoleonic wars, leaving households £10,000 worse off per person. Trade has fallen 15% lower than our neighbours’, and national debt went from 64% in 2010 to 96% just before the pandemic. I know they love blaming the pandemic for everything, but things were pretty bad before the pandemic. The heart of the problem is that the Conservatives lack credibility.

In 2010, the right hon. Member for Beverley and Holderness (Graham Stuart) stood for election on a manifesto that said that the Conservatives would “eliminate” the deficit by the end of the Parliament. In 2015, he stood for election on a manifesto that said the same thing, as he did in 2017. In 2019, he and his colleagues decided to give up entirely on tackling the national debt, which is one of many things that we now have to tackle. Of course, that was the more rational end of the previous 14 years, and there were seven Chancellors in 14 years, by the way. We had the blip, which I know Conservative Members do not like talking about, when one of their Chancellors, with the backing of a Prime Minister, Liz Truss, promised £45 billion—2% of GDP—of unfunded tax cuts. I am incredulous that the Conservatives were talking about gilts earlier. Gilts moved more in one week under Liz Truss than in a whole year on average. There is no comparison—

[Madam Deputy Speaker (Caroline Nokes)]

Order. The hon. Gentleman was in the Chamber when I asked Members to return to debating the Finance Bill, rather than the rather context of the Budget.

[Tim Roca]

I was, Madam Deputy Speaker. I tried to intervene on the right hon. Member for Beverley and Holderness a number of times, but he would not give way, so I felt I had to squeeze in a couple of points before getting to the Finance Bill.

The Finance Bill includes many important measures that I support. The freeze on fuel duty is an important and welcome decision by the Chancellor. The Conservatives imposed a stealth tax on the country by freezing thresholds on income tax, and the Chancellor rightly committed to changing that in 2028. It was a revenue-raising Budget, but despite all the changes, we will have capital gains and corporation tax rates that are very competitive with those of our G7 colleagues.

My constituency needs this Budget because it needs stability. It needs the investment that this Budget will bring. That investment is crucial because the legacy that I talked about spanned a number of areas, including a lack of public investment. The Institute for Public Policy Research said that nearly £500 billion less was invested in the public sector than in comparable economies, as we can see in our public services, hospitals and schools. The Budget was about choices. It was a difficult Budget, and not a perfect Budget, because of the inheritance. We have to deal with the facts. There was disagreement on the Budget, but people who disagree with the revenue-raising measures and agree with the spending have to say what taxes they would have increased. I say gently to Liberal Democrat colleagues, who have found other sources of income, that the Institute for Fiscal Studies effectively said that their plans to raise income elsewhere had no real credibility.

This is a difficult Budget, but it is the beginning of plotting a course for stability, economic growth and investment in public services in our country. That is what my constituents very much hope will be the legacy.

Sanctions: Russia

Debate between Caroline Nokes and Tim Roca

Monday 9th September 2024 Commons Chamber

[Tim Roca (Macclesfield) (Lab)]

I congratulate my hon. Friend the Member for Makerfield (Josh Simons) on his fantastic maiden speech. There is already a little bit of confusion between Macclesfield and Makerfield, and it is good that we can continue that by giving our maiden speeches on the same day.

It is the privilege of my life to be elected to represent the communities of Macclesfield, and I start by placing on record my thanks to the House staff for the warm welcome and support that they have given new Members over the last few weeks. The Table Office, the Speaker’s Office, the Doorkeepers and our catering and security colleagues have all been phenomenal; thank you so much.

I understand that just by speaking I have already outdone one of my predecessors, as those in the Library tell me that they are yet to find any evidence that a century ago William Brocklehurst said anything at all in the 12 years in which he represented Macclesfield. On the subject of predecessors, I wish sincerely to pay tribute to my immediate predecessor David Rutley, particularly for his public service on behalf of Macclesfield and our country. People of all political persuasions will tell you that he is a man of courtesy and kindness, and that certainly tallies with my experience.

After the momentous general election that we had earlier in the summer, lots of bright new Members are frenetically trying to make a name for themselves, so I need something to help me stand out from the crowd of new MPs. The House Library thinks it has found it: I may well be the first Labour Member of Parliament to be called Tim. As I grew up in the 1990s, when Harry Enfield was on television, being called Tim was a bit of a cross to bear, so it is good to see that it has finally paid off. If being the first Tim is not enough, I will make do with being the first ever Labour Member of Parliament for Macclesfield.

Seventy-five years ago, my grandad crashed his car in Macclesfield, and while hospitalised, he fell in love with a young Irish nurse, my grandma Josephine, and my family’s story in Macclesfield began. I grew up in the constituency, and I am proud to call it home. From the Cheshire plain to the rolling hills of the Peak district, it is a beautiful part of our country. Indeed, nearly a third of the constituency lies within the Peak district national park. The town itself was famously home to a thriving silk industry, with 71 silk mills operating at one time, and I am proud to be wearing a Macclesfield silk tie today.

Macclesfield and its towns and villages—Disley, Poynton, Bollington, Prestbury and more—have made their contribution to our country with athletes, artists, scientists and writers of renown. Although my hon. Friend the Member for Salford (Rebecca Long Bailey) can try to claim the band Joy Division, the mural of Macclesfield born and bred Ian Curtis dominates our town, a reminder not only of his talent, but of the very real struggle that many people face with mental health. Macclesfield also hosts a sprawling AstraZeneca campus that employs more than 5,000 people and is crucial not just to my constituency, but to the economy of our country.

At the election, it was a privilege to campaign and, importantly, listen to people’s concerns, aspirations and fears, Many spoke of the climate emergency and the need for greater action. Others insisted on the need for electoral reform—a view that I share. Universally, they worried about public services and the cost of living crisis, with the backdrop being widening inequality on a scale that is Edwardian, unprecedented, and in my view, immoral.

There is no doubt that we live in interesting times. During the last Parliament, colleagues had to contend with a global pandemic that still casts its shadow across our country, but there is a feeling that the world is drifting towards the rapids. Every day, the brave men and women of Ukraine fight for the life of their country, and these coming weeks may prove critical in that war. In the middle east, innocent civilians bear the brunt of a tragic conflict, with a ceasefire proving frustratingly elusive, and across the world economic shocks, climate extremes, and soaring prices are combining to create a food crisis of unprecedented proportions. At home, confidence in our political system is at a record low, and according to the latest British social attitudes survey, as many as 58% of people say that they “almost never” trust politicians to tell the truth.

In medieval times, Parliaments had monikers, such as the Mad Parliament, the Lawless Parliament, and the Merciless Parliament. How will we in this place be known as we face up to our responsibilities in this Parliament? I look forward to working with Members from across the House to meet those responsibilities, to act for the public good and to contribute thoughtfully without fear or favour. We must make this a place of public service, not self-service, and about the national interest, not self-interest, so that together, to borrow a phrase, we are a standing contradiction to people who wish to believe that only those with cold hearts and twisted tongues can succeed in the world of politics.

[Madam Deputy Speaker (Caroline Nokes)]

I call Rupert Lowe to make his maiden speech.