Telecommunications Infrastructure (Relief from Non-Domestic Rates) Bill

Jacob Rees-Mogg Excerpts

2nd reading: House of Commons
Monday 10th July 2017 Commons Chamber

[Mr Jayawardena]

Thank you, Mr Deputy Speaker.

[Mr Jacob Rees-Mogg (North East Somerset) (Con)]

I am very grateful to my hon. Friend for giving way. Mr Deputy Speaker suggests that this is a filibuster. My hon. Friend has hardly cleared his throat.

[Mr Deputy Speaker]

The worry is that I have heard too much already.

--- Later in debate ---

[Huw Merriman]

You are very kind, Mr Speaker. That is helpful, although I think part of what you said was perhaps inaccurate.

The other point I wanted to mention was corporation tax. I hope Opposition Members will agree that my speech has been quite collaborative so far, but I take issue with some of them on this issue. Conservative Members have pointed out that corporation tax has been reduced, yet the overall yield—the amount that can be put into public services—has increased. For whatever reason, the Opposition want to increase corporation taxes, which would reduce the amount of money available for public services. That is of course illogical.

[Mr Rees-Mogg]

Will my hon. Friend give way?

[Huw Merriman]

I will of course give way to a man who is anything but illogical.

[Mr Rees-Mogg]

I am very grateful to my hon. Friend for giving way. Has he not once again powerfully shown the benefits of the Laffer curve, which demonstrates that lower rates lead to more tax revenue?

[Huw Merriman]

I thank my hon. Friend for reminding me of the Laffer curve, a term I have not heard since I was doing A-levels at Aylesbury College, where I was studying economics. He is absolutely right.

That brings me to another point about the Opposition. As well as supporting the Bill, it is important to support its aims, which are to increase business, to increase turnover and to increase the amount of money that we can put into public services. I am reminded of a recent visit to Bexhill business park, where the Government are creating funds for a new road. In return, it is hoped that investment will be generated for new businesses to set up there. It is interesting that many businesses from across Europe are looking to set up their headquarters in that business park. At a time when business confidence is perhaps a little uncertain owing to our position with regard to the European Union, it is absolutely essential to ensure that we have the lowest possible corporation tax base, so that those businesses can have every incentive to invest in this country, not just for the short term but for the long term. I am sure that they will be absolutely delighted that this Government have been returned to deliver just that.

In conclusion to my conclusion, I very much welcome the steps that this Government have taken to incentivise further broadband roll-out. I hope that they will help my constituents in Rother, which is, as I have said, in the bottom 10 districts—[Interruption.] I repeated that in case Scottish National party Members did not hear it the first time. I very much look forward to supporting the Bill as it spends its many days in Committee.