Huw Irranca-Davies
Main Page: Huw Irranca-Davies (Labour - Ogmore)Department Debates - View all Huw Irranca-Davies's debates with the HM Treasury
(12 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Economic Secretary to the Treasury (Miss Chloe Smith)
I certainly can, and I welcome my hon. Friend’s interest in this policy area, based on his constituency experience. The Government have been clear that they want to see the oil and gas industry thrive, given its importance for jobs and growth around the country. Ministerial colleagues, officials and I continue to engage the industry in ongoing constructive dialogue to understand the challenges facing it.
Huw Irranca-Davies (Ogmore) (Lab)
The Minister confirmed today that 100,000 more children will be put into poverty as a result of the changes to tax credit. Can the Minister explain to the House, the country and my constituency why it is fair that three times as much will be taken from tax credits as will be raised in additional taxes on the banks?
Miss Smith
What the hon. Gentleman needs to acknowledge is that we have a sustainable way of including the banks in our public spending and public taxation plans; under his party’s plan, that revenue would have been spent five times over, if not more, and that is if it were done over multiple years, as ours is.