Oral Answers to Questions
Debate between Heidi Alexander and Mel Stride(7 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Financial Secretary to the Treasury (Mel Stride)
My hon. Friend is entirely right. The large business supplement is a devolved tax matter and the supplement in Scotland is double that in England. The consequences were best summed up by Liz Cameron, the chief executive officer of the Scottish Chambers of Commerce:
“Here in Scotland, we must ensure that we are seen to be the best place in the UK to do business and that will require a fundamental reassessment by the Scottish Government of its tax policies.”
Heidi Alexander (Lewisham East) (Lab)
The Chancellor will know from his own officials’ analysis that the difference between staying in the European economic area and a Canadian-type deal, which is essentially what the Government are now aiming for, is a hit to GDP of £16 billion, which is equivalent to a 4p rise in the basic rate of income tax. How can it not be right to stay in the EEA, at least for transition?