Office for Budget Responsibility Forecasts
Debate between Julian Lewis and James Murray(6 days, 1 hour ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
James Murray
I thank my hon. Friend for drawing a comparison between the way in which we as a Government interact with the OBR and the way in which the Liz Truss Government interacted with the OBR. We value the independence of the OBR and the constructive relationship that we have had with it over the past 16 months. That is in stark contrast with the previous Government, who sidelined the OBR and caused economic chaos for families across the country.
Sir Julian Lewis (New Forest East) (Con)
The Government will not apologise for this sorry and tangled affair, but will they at least learn a couple of lessons, such as the fact that there have always been very good reasons for observing total secrecy until Budget day and, secondly, when not in a financial black hole, do not start digging oneself into one?
James Murray
As the Budget documents and as the EFO makes clear, the downgrade in productivity was real. That was a £16 billion hit to economic forecasts, and it was a challenge that we inherited as a result of what the right hon. Member’s Government did when they were in power. We took the right and necessary decisions to fix the public finances, making sure that we could do so without going down the route of uncontrolled borrowing—like his Government did—or the route of slashing public investment.
Budget: Press Briefings
Debate between Julian Lewis and James Murray(2 weeks, 6 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
James Murray
As I made clear earlier, the level of noise and speculation ahead of the Budget is regrettable, but I will not engage in further speculation on these measures today.
Sir Julian Lewis (New Forest East) (Con)
I am disappointed that the Minister does not know of the example of the Chancellor who resigned from Attlee’s Government for inadvertently or otherwise leaking details of the Budget. Does he at least appreciate that there is a difference between speculating about the contents of a Budget and leaking a Budget, and does he think that there should be any punishment for people who leak a Budget, irrespective of whatever the details were?
James Murray
I repeat what I said about the approach of Ministers—every Minister in the Government takes their responsibility to the House seriously—and I will not engage in further speculation about the contents of the Budget.
Taxes
Debate between Julian Lewis and James Murray(3 weeks, 4 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sir Julian Lewis (New Forest East) (Con)
As somebody who has been around a long time and remembers when Chancellors used to have to resign for leaking things about the Budget in advance, may I ask the Minister to explain how it has been possible for the present Chancellor to make speeches about what may or may not be in her Budget in advance with no consequences forthcoming whatsoever?
James Murray
I am very happy to remind the right hon. Gentleman and all Members that what the Chancellor set out in her speech last Tuesday were the values and principles that will guide her in taking the right decisions going into the Budget at the end of the month. The importance of protecting the NHS, bringing down the cost of living and getting debt down—those will be the guiding principles for the Chancellor going into the Budget. That is important, because it sets out to the British people the challenges we face—some of them deep scars in the economy caused by the Conservatives—as well as the values that will guide us and the Chancellor in taking those decisions on 26 November.
The official Opposition is entirely entitled to ask questions and indeed put forward what it would do differently, but the problem with this Opposition is that when it does so, it simply exposes its total lack of any credibility. Remember last year, when we took the difficult decision, referred to earlier, to raise employer national insurance to support the NHS? The Opposition claimed to oppose that tax change but have refused to say whether they would reverse it—or, indeed, whether they would cut the NHS. As the shadow Chancellor pointed out earlier, more recently, at the Conservative party conference, they said that they thought they could find some £47 billion of cuts to public spending.
Farming and Inheritance Tax
Debate between Julian Lewis and James Murray(1 year ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
James Murray
We know that individual circumstances will vary. Any individual who is concerned about their specific tax liability should obviously consult an accountant or financial adviser. We would not know, from a thumbnail sketch, whether that person had any inherited nil rate bands, what their liabilities were, what decisions they had made about gifting, and so on. A huge number of factors will play into this, and it is right for individuals to seek specific advice. Things that are said in this Chamber may be creating undue anxiety, when people should be looking into the detail.
Sir Julian Lewis (New Forest East) (Con)
The Minister seems to be trying to suggest that not much farmland will have to be sold off as a result of this policy. However, on 4 November, following an urgent question, when I asked his colleague the Minister for Food Security and Rural Affairs, the hon. Member for Cambridge (Daniel Zeichner), how food security would be preserved if farms had to be broken up and sold off possibly for development, he replied:
“Of course there are trade-offs. There are a range of pressures on our land, in respect of housing, food, energy and so many other things.
That seems to constitute an acceptance that we will lose farming land, and people will be building on it instead.
James Murray
That is not how I interpret the comment, but I make no apology for the fact that we want to support farmers, as well as making our energy transition and building homes for people across the country. We need to ensure that we are achieving all the goals that the people of this country elected us to achieve.
I want to say more about data, because several Members have raised the subject. As I have explained a few times now, the DEFRA data shows the asset value of farms in England, but it is not possible to accurately infer a future inheritance tax liability from data on farm asset values. Any inheritance tax liabilities that farming assets may face will be affected by who the owners are, the nature of the ownership, how many owners there are, any borrowing that they have, and how they plan their affairs.