The Economy

James Sunderland Excerpts

Wednesday 22nd May 2024 Commons Chamber

[Bim Afolami]

I agree with my hon. Friend, who is a fantastic champion for his constituents in this House, as everybody in this House knows. The only thing I would add to what he has said is that we on this side of the House know what it is to take responsible decisions and take them for the long term.

[James Sunderland (Bracknell) (Con)]

Given the global macro-shocks faced during this Parliament, particularly the pandemic and the Russian invasion of Ukraine, it is quite remarkable that we have got inflation back down to 2.3%. It is testament to good fiscal policy, and we are leading the way within the G7. Does the Minister agree that, for those constituents living in Bracknell Forest who want low inflation, higher employment, higher wages and higher growth, sticking to the plan is absolutely the right thing to do?

[Bim Afolami]

My hon. Friend is a brilliant champion for Bracknell Forest, a part of the country that I know well, and I completely agree with his remarks.

HMRC Self-Assessment Helpline

James Sunderland Excerpts

Wednesday 20th March 2024 Commons Chamber

[Nigel Huddleston]

I mentioned in my opening comments—I will stress it again because it is important that nobody scaremongers about this—that it was never intended, and never would have been the case, that the vulnerable, the digitally excluded or those with complex affairs would be unable to access these services, even with the proposals set out yesterday. On that particular point, the hon. Gentleman is just wrong.

[James Sunderland (Bracknell) (Con)]

I am grateful to the Minister for his statement, which I welcome. Last September, in this very place, I raised the issue of heavy fines being imposed on self-employed constituents for late submission of self-assessment forms, even though no moneys were owed. I met the Minister in post at the time, but will the current Minister please write to me with an update on progress?

[Nigel Huddleston]

I thank my hon. Friend for raising this matter. I reiterate that there is a very good reason why HMRC’s structure and relationship with Government is as it is, because it would be inappropriate for Ministers to interfere with individual tax affairs. However, I would be more than happy to raise his point with HMRC and respectfully ask that it pays it due attention. Of course, the Government set broader policy.

Oral Answers to Questions

James Sunderland Excerpts

Tuesday 19th March 2024 Commons Chamber

[Jeremy Hunt]

Let me say to the hon. Lady, who I very much enjoyed working with on the Select Committee, that our record is 800 more people in work for every single day of Conservative government since 2010. What will wreck that is Labour’s new deal for workers, which the president of the CBI says will destroy the job-creating machine that the UK has become.

[James Sunderland (Bracknell) (Con)]

I commend the Treasury for good fiscal policies that have resulted in inflation falling significantly since the pandemic. When might we see a commensurate fall in interest rates?

[Jeremy Hunt]

I am very sorry to disappoint my hon. Friend, but Chancellors never comment on decisions made by the Bank of England on interest rates. What I can say is that the Office for Budget Responsibility predicted at the Budget that inflation would fall to around target in the next few months. That gives the best possible prospect of interest rates starting to fall.

Oral Answers to Questions

James Sunderland Excerpts

Tuesday 5th September 2023 Commons Chamber

[Jeremy Hunt]

We are always ferociously determined to recover money obtained through fraud, but because of those bounce back loans we have the fastest recovery of any major European country.

[James Sunderland (Bracknell) (Con)]

I have recently been contacted by several self-employed constituents expressing concern about heavy fines being imposed for filing tax returns late even though no moneys are owed. Will the Treasury meet me with a view, perhaps, to reviewing this policy?

[Victoria Atkins]

I will of course be happy to meet my hon. Friend. I hope he understands that I cannot intervene personally in any case, but I will of course look at the general principle he sets out and see whether there are systemic issues here.

Mortgage Market

James Sunderland Excerpts

Tuesday 13th June 2023 Commons Chamber

[Andrew Griffith]

The hon. Lady needs to look at the facts and the numbers. Despite moving in alignment with other international markets—and interest rates have increased over time—interest rates even today for mortgage holders are lower than those reached in October last year. So we are dealing with a macroeconomic international trend, which we are seeing across all western economies. We are moving in alignment with them, but this Government will always prioritise support for households, which is one reason why we have come forward with such significant economic packages in the past two years.

[James Sunderland (Bracknell) (Con)]

I would love to be able to pass on some good news to my constituents about their households bills. We are seeing wholesale energy costs fall but they are not being translated to the consumer. So how long after inflation falls will we see interest rates come down?

[Andrew Griffith]

My hon. Friend is a diligent champion for his constituents in Bracknell and I am sure it will not be too long before he has good news to talk about on prices that consumers face. We have seen the cost of fuel coming down and as we achieve the Prime Minister’s objective of halving inflation this year, so some of the cost of living pressures that his constituents face will abate. In the meantime, he should know that this Government are on the side of households and we have been willing to support them to the tune of about £3,300 every year. I wish his constituents all the best.

Finance Bill

James Sunderland Excerpts

2nd reading
Monday 28th November 2022 Commons Chamber

[James Sunderland (Bracknell) (Con)]

As a dutiful Back Bencher, I answered the call of the Whips and wrote about an hour’s worth of speech, but with your blessing, Mr Deputy Speaker, I will restrict my remarks to about five minutes. I suspect that this is the Bill that none of us wanted, but as a pragmatic Conservative, I concede the fiscal imperative. Importantly, this is the right thing to do for the Conservative party, as the party of fiscal pragmatism, and for the country. I see the Bill as a short-term necessity and not for the long term. We need to put our country back on track and, essentially, steady the economic ship. Fiscal and economic security must be the foundation of all policy and I believe that the Bill provides that.

I do not want to hark back to the ill-fated mini-Budget, but it recognised the basic premise that Governments do not create wealth—businesses and working people do. Therefore, we have to incentivise them to work harder and create more wealth, which, ultimately, represents economic growth. As a low-tax, low-state Conservative, I want to see a low-tax, low-state economy that attracts investment, incentivises growth, rewards workers so that they can keep most of what they earn and ensures that we all enjoy a meaningful standard of living through rising wages. I accept, however, that inflation, borrowing and debt are the elephants in the room.

I wish to make a few points about the clauses. Clauses 1 to 3 relate to the Energy (Oil and Gas) Profits Levy Act 2022 and include an increase in the levy from 25% to 35%, which is the right thing to do. I would much rather, however, that oil companies pass on their profits to the consumer at the pump and not to their shareholders. That is an absolute no-brainer and I ask the Government to keep the pressure on the oil producers to ensure that the money goes where it needs to.

Clause 5 and 6 are on income tax. I do not like the fact that the thresholds are being kept where they are. It is really important that, with rising wages, working people should keep more of what they earn, but I can live with the proposal for the reasons that have been outlined. The same principles also apply to the dividend rate and capital gains tax. We have to incentivise people to work harder, to save and to try to derive extra income from what they do. Again, I urge the Ministers to review those measures in due course, along with the income tax thresholds.

I am a bit concerned about the vehicle excise duty. I completely understand why we may need to bring that in line with diesel and high-emission cars, but we need to incentivise the drive to net zero at the same time. Again, that measure is worthy of review in due course.

Let me turn briefly to Bracknell, which I am very proud to serve. Bracknell is the silicon valley of the Thames Valley. We have 150 international companies with offices in Bracknell and a lot of small and medium-sized enterprises. Bracknell is the archetypal borough where people benefit from low taxes. In deference to my constituents—those who are working really hard to put food on the table—I urge the Government to make sure that the Bill is seen as a short-term, not a long-term measure.

Lastly, I recognise the predicament in which we find ourselves. After all, the Government borrowed an additional £450 billion to look after people in the UK during the pandemic. That was to put food on the table and to support people, and it stands to reason that that money has to come back into the Treasury. However, with the Ministers in their place, I want to make an important macro point. As the Government of this country, we need a discussion about what the future holds for the UK. We are currently living beyond our means and writing cheques that we cannot cash, so we as a nation need a serious discussion about what we want in this country, for this country and for our people. What will we do in the future? I commend to the Treasury that we need a grand strategic intent that allows us to work out where we will go, because that will drive policy. I also want to see tax reduced at the earliest opportunity, not least to encourage growth and to ensure that the UK remains firmly competitive internationally. That, I am afraid, is a political imperative to ensure that the “Great” in Great Britain stays great.

[Mr Deputy Speaker (Mr Nigel Evans)]

Following the last Back-Bench contribution, we will go straight to the wind-ups. I call Peter Aldous.

National Insurance Contributions (Increase of Thresholds) Bill

James Sunderland Excerpts

2nd reading
Thursday 24th March 2022 Commons Chamber

[James Sunderland (Bracknell) (Con)]

The Minister will know that Bracknell is blessed with one of the lowest rates of unemployment in the country. Does he agree that the increased thresholds will absolutely reward hard work and be of benefit to working families right across the Bracknell constituency and beyond?

[Mr Clarke]

I thank my hon. Friend for his question. It is a fantastic success that Bracknell enjoys very low unemployment. It is actually the case that every region of our country now has lower unemployment than it did before the coronavirus pandemic hit, which is a huge Conservative policy success and a tribute to the hard work and enterprise of the British people.

As the Chancellor said yesterday—I will conclude with this—cutting taxes is not easy. It requires hard work, prioritisation and the willingness to take often unpopular decisions elsewhere, but it is precisely because we have made those tough decisions in the past that we have been able to reduce taxes in a responsible and sustainable way today. Our Government will always act swiftly and decisively to safeguard the best interests of our people. The Bill includes the largest cut to personal tax in a decade. It rewards hard work and supports the lowest earners. Its measures, while sweeping in scope and ambition, will make a real tangible difference to the lives of millions of people. That is why I commend it to the House.

Oral Answers to Questions

James Sunderland Excerpts

Tuesday 2nd November 2021 Commons Chamber

[Mr Virendra Sharma (Ealing, Southall) (Lab)]

1. What fiscal steps he is taking to support businesses.

[James Sunderland (Bracknell) (Con)]

5. What fiscal steps his Department is taking to encourage business investment.

[The Chancellor of the Exchequer (Rishi Sunak)]

Last week’s Budget set out an ambitious package to support business, enterprise and innovation: the super-deduction, new relief to incentivise investment, a reduction in business rates and investment in infrastructure, innovation and skills to drive future growth. This was a Budget that backed businesses across the United Kingdom.

[Rishi Sunak]

Last week’s Budget set out a £1.7 billion tax cut for many small and medium-sized businesses across the UK. It will mean that retail, hospitality and leisure businesses will see a 50% discount in their business rates next year, up to the value of £110,000 each. That will, of course, benefit many of the shops in Southall that the hon. Gentleman mentioned, and hopefully I can do my bit by visiting to buy my Diwali mithai later this week.

[James Sunderland]

The Chancellor will know that Bracknell has successfully reinvigorated its town centre and continues to be a great place to do business. Noting that Bracknell and neighbouring Wokingham have one of the lowest centrally funded budgets in the country from central Government, will he please reassure me that east Berkshire will not be passed by when it comes to levelling-up funding?

Oral Answers to Questions

James Sunderland Excerpts

Tuesday 26th January 2021 Commons Chamber

[The Economic Secretary to the Treasury (John Glen)]

I thank my hon. Friend for his question. Across the pandemic, the Government have created a number of innovative responses, like Eat out to Help Out. We will continue to examine very carefully what package of measures we need to intervene with, and the Chancellor has indicated that he will be coming forward at the Budget with an update to the House on that package in due course.

[James Sunderland (Bracknell) (Con)]

Given the current imperative to forge new trade deals worldwide, and also to make the new EU trade deal work, what incentives are being considered by the Treasury to both attract new companies to the UK and retain those that are already here?

[Steve Barclay]

As my right hon. Friend the Chancellor set out a moment ago, the Office for Investment, led by Lord Grimstone, is focused on exactly that issue, working in tandem with the Build Back Better Business Council, which the Prime Minister and the Chancellor chair.

Future Relationship with the EU

James Sunderland Excerpts

Thursday 10th December 2020 Commons Chamber

[Penny Mordaunt]

No, I think the Prime Minister has been very clear about what the optimum outcome is. We are not crashing out; what is being decided over the next few days is which set of rules will be taken forward for our future relationship with our European friends. There are plans and support in place for every scenario and I think what business really wants is the certainty of what that will look like. We are talking about an incredibly resilient group of organisations and people who can prepare for any scenario; what has been a strain is preparing for every scenario. They will get certainty in the coming days.

[James Sunderland (Bracknell) (Con)]

I am clear that most of my constituents in Bracknell, and those beyond, really want a free trade deal, but given the ongoing inability of the bully boys in Brussels to accept that we are now a sovereign nation, does the Minister agree that there may be a point in time at which a clean break is the only option, with a view, perhaps, to returning to the table in 2021, as a sovereign nation, to secure a deal that other sovereign nations have already achieved?

[Penny Mordaunt]

If we have to go on those terms then that is what will happen and we will prosper, but it is clearly not our first choice. The key factor in this is whether the EU is going to place above its own political interests, the interests of the citizens and businesses in its member states. Fundamentally, that is what is at the heart of this, and if the EU does not do that, that will be a very serious mistake.