Spending Review
Debate between George Osborne and Justin Tomlinson(11 years, 5 months ago)
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Justin Tomlinson (North Swindon) (Con)
The decision to introduce a fairer national education funding formula is vital for my local schools. How much did Labour’s formula short-change schools in Swindon?
Mr Osborne
The people of Swindon were short-changed in many ways by the Labour Government. Under the excellent leadership provided by my hon. Friend and his colleague, our hon. Friend the Member for South Swindon (Mr Buckland), not only is Swindon’s voice heard in Parliament, but the changes this Government are making will help families in Swindon, including those with children at school.
Bank Bonuses
Debate between George Osborne and Justin Tomlinson(13 years, 11 months ago)
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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Mr Osborne
Where is the fairness in a record budget deficit? That is what we have to address. We are taking difficult measures; I know that every single one is opposed by the Opposition, who created that deficit, but that says more about them than it does about our plan.
Justin Tomlinson (North Swindon) (Con)
What percentage of bankers based in the City of London are British citizens, and therefore taxed at the higher rate on their bonuses?
Mr Osborne
Two hundred and fifty thousand people or thereabouts are eligible for the 50p rate, which came into effect in April. As I have said, other taxes, too—such as employers’ national insurance—are levied on bonuses, and in the Finance Bill, which we have published in draft, we have taken specific measures, on which we will seek to legislate later this year, to deal with some of the avoidance practices in the financial sector that were allowed to proliferate under the previous Government.
Autumn Forecast
Debate between George Osborne and Justin Tomlinson(14 years ago)
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Mr Osborne
I completely agree with my hon. Friend, who has been a powerful champion of the east midlands and of her constituency in the few months since her election. I know that she will welcome the announcement by Glaxo, which is because of the decisions that we have taken. Of course, the support for job creation in the east midlands and across the country would not be there if we had a fundamentally unstable economy of the kind that this Government inherited in May.
Justin Tomlinson (North Swindon) (Con)
What measures are being taken to maintain the low interest rates that are essential to mortgage holders in my constituency?
Mr Osborne
The Bank of England Monetary Policy Committee sets interests rates, and does so independently. The purpose, in part, of the measures that we have taken to reduce the deficit is to give the Monetary Policy Committee the maximum possible flexibility and freedom in setting the appropriate monetary policy to stimulate demand in the economy. I believe that that has enabled it to keep interest rates low, which helps to stimulate the economy.