Economic Situation
Debate between Chris Philp and Robert Largan(2 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Chris Philp
The Chancellor is in extremely regular contact with the Governor of the Bank of England, which, with its various agencies, has responsibility for systemic financial stability. We are working closely with it, and we have complete confidence in the Bank’s management of this process.
Robert Largan (High Peak) (Con)
The Conservative party stands for low taxes, but also for fiscal responsibility and sound money. Given that the Prime Minister has just said that there will not be public sector spending cuts, may I ask the Chief Secretary to the Treasury whether the Government are considering deferring any of the tax measures recently announced by the Chancellor?
Chris Philp
We do not plan to defer the tax measures, because we think that having an internationally competitive tax system is important, as it will help to encourage businesses and successful individuals to locate here in the United Kingdom, rather than anywhere else. I used to be technology Minister, and tech businesses can choose whether they locate here, in New York, San Francisco, Singapore, South Korea or anywhere else in the world. We want them to choose the United Kingdom, which is why competitive tax rates and the right regulatory environment are important.