Finance Bill

Debate between Jerome Mayhew and Nesil Caliskan

2nd reading
Wednesday 27th November 2024 Commons Chamber

[Nesil Caliskan]

No. I can tell those Members that when additional money is spent on the state sector, it improves the life chances and opportunities of my constituents.

[Jerome Mayhew]

I am grateful to the hon. Lady for giving way. Could she identify which subsidy she is talking about?

[Nesil Caliskan]

I am talking about the VAT relief that existed for private schools. [Interruption.] Yes, it was a subsidy. Politics is full of choices, and a Government’s first responsibility is to ensure that they balance the books. If a Government are responsible, they will invest in decent public services and create conditions for economic stability. I want to concentrate on that final point for a moment. We have heard remarks from Opposition Members on small and medium-sized businesses; I say to those Members that when I speak to local businesses in Barking, they say that the economic instability over the past few years is what has created pressure for them.

I welcome, in particular, the Government’s tax announcements on non-dom loopholes. The Government changing the residential base means they will increase revenue by almost £13 billion. The rate changes on capital gains mean we will maintain our position as having the lowest capital gains tax of any European G7 economy. These measures are a collection of decisions that show we are prioritising investment in public services, alongside an absolute commitment from the Government to create economic stability to achieve the future growth that this country deserves.