Oral Answers to Questions
Debate between Dave Doogan and Rachel Reeves(2 weeks, 6 days ago)
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Rachel Reeves
I welcome the work that my hon. Friend does on the all-party parliamentary group for Yorkshire and Northern Lincolnshire. As I announced in October, the UK Infrastructure Bank has now become the national wealth fund and it will expand its team and be headquartered in the brilliant city of Leeds, to realise our ambition on the national wealth fund. The national wealth fund will also have a strong regional focus, working with the mayors, including Tracy Brabin in West Yorkshire, so that we can realise the potential of all our regions, including Yorkshire. Further details on the national infrastructure and service transformation authority’s governance and location will be confirmed in due course.
Dave Doogan (Angus and Perthshire Glens) (SNP)
One of the economic investments that we do not want to see in Angus and Perthshire Glens, or anywhere else in Scotland, is foreign multinationals buying up farms because farmers have given up under the weight of the taxes introduced by this Government. This would destroy local supply chains and make larger farms that are less responsive to consumer demand. What has the Chancellor seen in her impact assessment of the agricultural property relief changes to allay those fears?
Rachel Reeves
One of the current challenges, as the hon. Gentleman will know, is that agricultural property relief is often used for tax avoidance. People are buying farmland not because they are family farmers but because they do not want to pay any inheritance tax. That is why we are reforming the system to bring in much-needed money to fund our public services, and to have a fair system with a 50% discount to inheritance tax paid on agricultural property and a 10-year period to pay that inheritance tax, interest free.
Oral Answers to Questions
Debate between Dave Doogan and Rachel Reeves(1 month, 3 weeks ago)
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Rachel Reeves
It is good to have an explanation of how to do my job from one of the Conservative Members who crashed our economy. Some £63.5 billion of investment into the UK was announced at our international investment summit—investment in life sciences, investment in data centres and digital, investment in clean energy—because businesses have confidence that this Government are bringing stability back to our economy and working with businesses to seize the opportunities. I am really excited about doing that in all parts of our country and working with business to do so.
Dave Doogan (Angus and Perthshire Glens) (SNP)
Can the Chancellor tell us, to the nearest £10 billion, how much extra would be available for long-term investment were it not for the fire sale of UK Government bonds by the Bank of England, costing the taxpayer dearly?
Rachel Reeves
I started my career as an economist at the Bank of England, and unlike Conservative Members, I think it is incredibly important to recognise the independence of our economic institutions, including the Bank of England and, indeed, the Office for Budget Responsibility.
Oral Answers to Questions
Debate between Dave Doogan and Rachel Reeves(3 months, 2 weeks ago)
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Rachel Reeves
I thank my hon. Friend for that question and welcome her to her place. She speaks powerfully on behalf of the people of Cornwall. The spending review will be the appropriate time to look at the shared prosperity funds and what resource we can give to the people of Cornwall, and I am sure my hon. Friend will work with the relevant Secretaries of State to ensure those representations are heard.
Dave Doogan (Angus and Perthshire Glens) (SNP)
The Chancellor would have known, in advance of the cut to the winter fuel payment and the stripping of £160 million from pensioners in Scotland, that Scottish pensioners suffer the lowest temperatures, rural Scottish pensioners live in some of the oldest houses on these islands, and most Scottish pensioners in rural areas are off the gas grid. Knowing that, what discussions did she have with her 37 new Scottish Labour MPs about pushing Scottish pensioners into fuel poverty?
Rachel Reeves
I would just note that the Scottish Government have decided to mirror what the wider UK Government are doing rather than using the tax powers that they have. That is a decision the Scottish Government have made given the fiscal situation they face; we face a similar issue with a £22 billion black hole in the public finances.