Economy Update
Debate between Duncan Baker and Rishi Sunak(2 years, 6 months ago)
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Rishi Sunak
As I spelled out, over the long term, through responsible fiscal policy, independent monetary policy and supply-side activism we will combat and reduce inflation. We are making progress on all three fronts.
Duncan Baker (North Norfolk) (Con)
I warmly welcome the Chancellor’s statement. He said that into the autumn he will think about tax cuts, which would be very welcome. Will he think about raising the income tax personal allowance for millions of hard-working families? It has been kept the same for the last two tax years, but in lifting it we would start to see those families able to take more of their income home with them, which is very much needed.
Rishi Sunak
My hon. Friend is right that we want to ensure that our constituents keep more of their hard-earned money. That is why in July we will raise the national insurance primary threshold to equalise it with the income tax threshold—a tax cut for 30 million people, worth around £330 each.
Oral Answers to Questions
Debate between Duncan Baker and Rishi Sunak(3 years ago)
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Duncan Baker (North Norfolk) (Con)
The Chancellor of the Exchequer (Rishi Sunak)
Last week’s Budget delivered a stronger economy for the British people, with stronger public finances; support for business; stronger public services; investment in infrastructure, innovation and skills to drive future growth; and a significant tax cut for the lowest-paid, because this will always be a Government who support and reward work.
Duncan Baker
My constituent Peter Phillips fell victim to the loan charge in 2019 and settled before 30 September 2020. HMRC advised him, like many others, that that was the right thing to do. In effect, those who settled before the Morse review did not get the benefit of the changes that were implemented: my constituent paid more than someone who disclosed nothing to HMRC. Does my right hon. Friend think that was in the spirit of the Morse review? Has HMRC got it wrong?
Rishi Sunak
It is obviously difficult for me to comment on the case of a particular individual. The previous Chancellor, my right hon. Friend the Member for Bromsgrove (Sajid Javid), asked Lord Morse to conduct an independent review and the Government accepted and implemented the vast majority of its recommendations. People who settled early had the benefit of certainty from their settlement, but my hon. Friend should write to the Financial Secretary to the Treasury and we will ensure that we look at that case, as he requests.