Earl of Shrewsbury
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Budget Statement
Earl of Shrewsbury Excerpts(3 years, 8 months ago)
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The Earl of Shrewsbury (Con)
My Lords, I also congratulate my noble friend Lord Bellingham on an excellent maiden speech. As his Whip, I expect to be obeyed. I am looking forward to listening to him in the future.
I also congratulate my right honourable friends the Prime Minister and the Chancellor on the financial support initiatives that have been provided for businesses and individuals alike throughout the pandemic. They have received much criticism from the other political parties but, without those support packages, this country’s economy would be in a very different place. This has all been uncharted territory, so being critical of the Government’s actions is somewhat disingenuous; I doubt that anyone could have done a better job.
In the business section of yesterday’s Times, an article based on a recent report by PwC stated that a survey of 5,000 global business leaders found that Britain is
“a more attractive investment proposition for multinational companies than it was before Brexit”
and stated that we are now
“the world’s fourth most promising growth opportunity”.
Therefore, we must build on that good news. Surely, instead of hiking corporation tax to 25%, my right honourable friend should instigate a root-and-branch reform of our overcomplex tax regime, developing a simplified low-tax system to attract foreign companies. We need to incentivise, not penalise, our business community—we are a nation of entrepreneurs; we need to encourage those businesses.
In such a reformed tax system, there would be less inclination to try to avoid paying taxes and more incentive to invest and grow. We have to take a long-term position, and we know that it will take a very long time indeed to repair the financial damage caused by this pandemic. I believe that tax reform is key to growth and future success.
I make a plea to my right honourable friends to recognise the tremendous dedication and service provided by our NHS nurses in a better pay award. An award of 1% is derisory. No matter how much we applaud them, kind words do not pay bills. They deserve better.