Finance Bill

Debate between Chris Vince and Judith Cummins

2nd reading
Wednesday 27th November 2024 Commons Chamber

[Chris Vince]

I don’t really want to give away my dog’s name—I don’t know why.

Thank you, Madam Deputy Speaker, for the opportunity to speak in support of the Bill. This is not just another piece of legislation; it is a crucial step towards boosting growth in some of our most dynamic industries, from the creative sector to financial services. It is aimed at repairing our public finances and bringing much-needed economic and fiscal stability, and it considers every person from every walk of life to create a fairer future for everyone. Last week the Chancellor outlined the Government’s plans for growth, focusing on high-growth sectors that will drive our economy forward. The Bill is a key part of that vision, introducing important tax changes to support the UK’s creative industries, speed up our shift to clean energy and enhance our financial markets.

For too long the burden of taxation has fallen disproportionately on working people. The Bill addresses that imbalance—it finds that balance and the fairest way to do it. By choosing not to extend the freeze on income tax and national insurance thresholds, the Government are ensuring that personal tax thresholds will rise with inflation from April 2028. That protects hard-working families from what I would consider stealth tax increases. The Bill also delivers on the promise to maintain the fuel duty freeze and a temporary 5p cut. I know that is welcome for residents and motorists in Harlow, as they have suffered for many years with the appalling state of the roads. We all know about the dreaded potholes, and the Government are doing what they can on that as well.

I will not go on too much about the removal of the VAT exemption on private schools, because I spent a lot of time talking about that on Monday. However, I am delighted that it will generate additional revenue to invest in our public services, including our schools. A number of schools in Harlow have suffered with reinforced autoclaved aerated concrete, and one school—Sir Frederick Gibberd college—is having to be completely rebuilt because of the previous Government’s failings.

This Finance Bill is more than just a collection of tax adjustments; it is a forward-looking plan that lays the foundation for a resilient economy. It reflects the Government’s commitment to supporting key industries that are vital to our nation, investing in sectors that promise sustainable growth, and ensuring that the UK remains at the forefront of global innovation. It creates a fair and balanced future for all.

[Madam Deputy Speaker (Judith Cummins)]

I call the shadow Minister.

Income tax (charge)

Debate between Chris Vince and Judith Cummins

Thursday 31st October 2024 Commons Chamber

[Chris Vince]

I have cut down on my drinking now, so it does not help me as much as it would have done in the past, but I am delighted that we have done that, and delighted with the many achievements that we announced yesterday.

However, this is just the start. We know that rebuilding our economy, our public services and our country will take time, but I know—this Budget confirms it—that under this Labour Government we have the leadership and the will to make life better for everyone in our society, not just the privileged few.

[Madam Deputy Speaker (Judith Cummins)]

I call the shadow Minister.