Finance Bill

Debate between Kanishka Narayan and Dave Doogan

2nd reading
Wednesday 27th November 2024 Commons Chamber

[Kanishka Narayan (Vale of Glamorgan) (Lab)]

It is a pleasure to speak while you are in the Chair, Madam Deputy Speaker. It was also a pleasure to hear the brilliant maiden speech from my hon. Friend the Member for South Derbyshire (Samantha Niblett). We are colleagues and partners in crime in the cause of technology. I know that she has a glittering career in front of her, and I look forward to witnessing it.

In view of the instruction from your predecessor in the Chair, Madam Deputy Speaker, I studiously read the Budget briefing from the House of Commons Library, which explained the history of the Finance Bill. Broadly, that history commends this country’s stability and its financial institutions—broadly, but with one great blip. Let me start by recognising the context of the Bill: the wreckage from which we emerge—the wreckage of the “growth plan”, as the Conservatives called it under their Prime Minister Liz Truss. The briefing, for which I thank the Library’s staff, tells us that not setting out the prospective flow of a Finance Bill from that was a total aberration. From the wreckage, however, has come the return of stability.

In fairness, I recognise that at the time, the present shadow Chancellor—the right hon. Member for Central Devon (Mel Stride)—called the party leader out. He said that she was “flying blind”, and others were following her blindly. It seems that blind flight is contagious on the Opposition Benches today. The right hon. Gentleman talks about opposing, about being the party of “no” rather than the party of government. He did not tell us how he would fund public services; he did not tell us what taxes he would raise if he opposed all of ours. I am conscious that he also once called the pension triple lock “unsustainable”. This is not someone to be trusted with government or with opposition.

I note that the right hon. Member for East Hampshire (Damian Hinds) has just left the Chamber, having said that he was not interested in choosing. He stands for the 100%. As my hon. Friend the Member for Darlington (Lola McEvoy) said, to govern is to choose. To avoid choice is to play the fantasy politics of opposition, and I am glad that the right hon. Gentleman has found the warm Benches opposite.

[Dave Doogan]

The hon. Gentleman says that the Tories have no plan for public services. I accept that the Labour Government do have a plan, but it is completely unbelievable, so where does that leave us?

[Kanishka Narayan]

May I recognise, with warm comfort, the traditional place of the Scottish nationalists as total enablers of Conservative Governments? The hon. Gentleman talks about fiscal credibility. May I point out the absolute wreckage of the Scottish Government, who have wasted almost half a billion pounds of offshore wind proceeds on day-to-day spending because of their fiscal mismanagement? If he is taking tutorials alongside the Conservative party, may I ask him to invite his colleagues in Scotland to them? Those will serve them very efficiently.

From my experience of the City of London, and of investing in this country and abroad, the broad lesson I have learned is that finance is always contingent, but the fundamentals matter. For that reason, the Bill has to be seen in the context of what it enables. Where the Conservatives treated the working people of this country as their cash machines, we are protecting payslips. Where they did not support healthcare in this country and wrecked the waiting list system, as I experienced growing up in this country, we are supporting the NHS. Where they slashed public investment and took cowardly decisions across their Finance Bills, we are investing in our future.

I want to mention a proposal in the Bill that is close to my heart: the relief on draught duty, which will affect the Lamb and Flag in Wick, the Three Golden Cups in Southerndown and, closest to my heart, Finnegans on Barry Island. When the “Gavin and Stacey” Christmas special is shown, I will make sure to make the most of the draught duty relief—particularly at Finnegans, but across the Vale of Glamorgan.

Let me return to the choice at the heart of this Bill. As the Treasury’s distributional analysis shows, the overall context of what we have done, both in the Bill and more broadly, is that 90% of households in this country will be better off. That is the amazing distributional context, after 14 years of what we experienced under the Conservative party.

What a daffodil-laden Budget we have! The Bill offers the biggest ever budget settlement for Wales; it means £1.7 billion for Welsh public services. Some 70,000 minimum-wage workers in Wales will be better off. There is £100 million for our coal and steel communities, and a timely £25 million of support for coal tips. For the daffodil-laden Budget and the Bill that undergirds it, I am very grateful to the Chancellor.