Oral Answers to Questions

Jim Sheridan Excerpts

Wednesday 18th January 2012 Commons Chamber

[The Prime Minister]

My hon. Friend makes a vital point. Clearly, the markets in Europe are going to be difficult: 50% of our exports go to the EU, and we are seeing a freezing effect across the European Union. The rest of the world economy, however, is growing, and we need to get out there and sell to those markets. I am pleased to say that exports to China were up by 20% last year. The arrangement that my right hon. Friend the Chancellor has come to, which will make London one of the great renminbi trading centres, is an important breakthrough, but we need many more like that.

[Jim Sheridan (Paisley and Renfrewshire North) (Lab)]

Q12. Will the Prime Minister clarify the position of the coalition Government on inheritance tax? My constituency recently received correspondence from the junior partner in the coalition Government, stating:“If the Tories were governing alone, they would be cutting inheritance tax for millionaires and they would pay for it by reducing public spending even more.”Is that true?

[The Prime Minister]

The position on inheritance tax is covered in the coalition agreement.