Oral Answers to Questions
Debate between George Osborne and Mike Weir(8 years, 6 months ago)
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Mr Osborne
My hon. Friend and his local council have been at the forefront of calling for this major reform of local government finance, which is, of course, now being undertaken across the whole country. I can confirm that London will be moving ahead of many other areas and we will start the retention of business rates in local areas from April 2017.
Mike Weir (Angus) (SNP)
T7. The eye-watering costs of the proposed new nuclear power station at Hinkley Point C will put public finance at risk, as well as the strike price, pushing up energy bills for businesses and consumers. Will the Chancellor redirect this investment to cleaner, safer and cheaper energy sources such as renewables and carbon capture and storage?
Mr Osborne
The first thing I would say is that there were those remarkable figures recently showing that 25% of UK electricity generation is now from renewable energy. That is second only to Germany and is an amazing transformation in our energy supply under this Conservative leadership. Secondly, we need to renew the next generation of nuclear power stations, starting with Hinkley Point, but the deal we have signed makes sure that taxpayers are not exposed to the construction risk.
Oral Answers to Questions
Debate between George Osborne and Mike Weir(9 years, 6 months ago)
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Mike Weir (Angus) (SNP)
T1. If he will make a statement on his departmental responsibilities.
The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
The core purpose of the Treasury is to ensure the stability and prosperity of the economy. I can report to the House that the latest inflation figures show that consumer prices index inflation is at 0.1%, which is good news for working families. Inflation is close to an all-time low, and wages are growing strongly, which is further proof that our long-term economic plan is working.
Mike Weir
I thank the Chancellor for that response. However, one of his responsibilities is to ensure that the correct tax is paid. Given that there is huge public support for a Bill to tackle tax dodging, will he introduce such a measure in this Parliament to deal with the tax avoidance by UK companies both in the UK and in developing countries?
Mr Osborne
Every single Finance Bill we have introduced has been about tackling tax evasion and tax avoidance. Indeed we have also introduced into this country the diverted profits tax—almost a first in the world—which is tackling those international businesses that move their profits offshore to avoid tax. I can tell the hon. Gentleman that in the Budget we will take further action to clamp down on avoidance and evasion.
Tax Avoidance (HSBC)
Debate between George Osborne and Mike Weir(9 years, 10 months ago)
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Mr Osborne
More than 40 tax avoidance schemes or loopholes have been closed. Of course, we have also introduced an anti-avoidance and anti-abuse rule, which the Labour Government had 13 years to introduce. Now Labour Members are saying that we should be stiffening the penalties under that anti-abuse rule, but—[Interruption.] I will tell Members who was in charge. The shadow Chancellor was in charge for 13 years and did absolutely nothing. We came in, closed the loopholes, introduced the anti-abuse rule, got rid of the abuse of partnerships by hedge funds, got rid of the abuse of stamp duty by the richest in our society and started collecting the tax that should have been collected long ago.
Mr Mike Weir (Angus) (SNP)
The revelations about HSBC are just the latest in a long line of misdeeds by our banks, which are undermining confidence in the system throughout. Too often, HMRC seems to be on the back foot. The Chancellor said that if it required more resources it would be given them. Will he commit those resources to a proactive investigation of the role of banks, and some of the larger accountancy firms, in both tax avoidance and tax evasion?
Mr Osborne
The amount collected by HMRC as a result of abuse of this kind has risen from £17 billion to £26 billion. That is partly because we have put additional resources into tackling tax evasion and aggressive tax avoidance. We have done a great deal. However, I am the first to say that there is more to be done, and, as I said in my statement, more will be done in the Budget.