Oral Answers to Questions

Debate between Kit Malthouse and Vicky Ford

Monday 8th April 2019 Commons Chamber

[Vicky Ford (Chelmsford) (Con)]

T4. New homes need new infrastructure. The housing infrastructure fund bid for Chelmsford’s second railway station and bypass will unlock over 10,000 new homes, so may I urge my right hon. Friend to back the bid? Otherwise I will keep on nagging him until he does.

[The Minister for Housing (Kit Malthouse)]

We have already invested £10 million in the Chelmer Waterside development in my hon. Friend’s constituency, but she is still insatiable for more Government funding for her fast-growing constituency. As she knows, HIF bids are a competitive process, but I will look carefully at the proposals put in by Chelmsford; and, given her support, let us be hopeful of success.

Oral Answers to Questions

Debate between Kit Malthouse and Vicky Ford

Monday 5th November 2018 Commons Chamber

[Kit Malthouse]

As the hon. Gentleman will know, we are throwing literally everything we have got at the housing market at the moment in the hope that we can build the homes that everybody in the country needs. In particular, in the social sector, we have increased the size of the affordable homes programme. We have reintroduced the idea of social rent; removed the housing revenue account borrowing cap for local authorities; and are setting long-term rent deals for councils and housing associations, enabling them to plan. We have also committed funding beyond 2022 for housing deals and partnerships with housing associations, which we think will deliver significant numbers of houses. It must be remembered that the Labour Government the hon. Gentleman supported induced local authorities to get out of house building. I was a councillor at the time. We were offered large amounts of money to get rid of our housing stock. That has to end. We want councils to start building to address exactly the needs he raises.

[Vicky Ford (Chelmsford) (Con)]

In Chelmsford, we are building a new garden community of 10,000 homes, more than one in four of which will be affordable, but the council wants to do more. What measures will there be to allow councils that do not have a housing revenue account also to take advantage of the new schemes that will enable them to borrow and build their own properties?

[Kit Malthouse]

My hon. Friend is right. Quite a number of local authorities, having been induced, as I say, to get out of the house building industry and home-owning function, do not have housing revenue accounts. At the moment, if they construct, build or own more than about 200 council homes they have to open a housing revenue account. We hope that the new freedom we have introduced will enable councils to create innovative partnerships with other social housing providers to build the next generation of council houses.

Oral Answers to Questions

Debate between Kit Malthouse and Vicky Ford

Monday 21st May 2018 Commons Chamber

[Vicky Ford (Chelmsford) (Con)]

T10. What action are the Government taking to make sure that parents cannot hide earnings from their child maintenance payment calculations?

[The Parliamentary Under-Secretary of State for Work and Pensions (Kit Malthouse)]

The Child Maintenance Service is working hard to improve its recovery efforts and will be increasing the number of individuals assigned to the financial investigations unit. The Child Maintenance Service is working much more closely with Her Majesty’s Revenue and Customs to make sure that we have as full a picture as possible of people’s earnings and to ensure that people take responsibility for their children.

Finance (No. 2) Bill

Debate between Kit Malthouse and Vicky Ford

2nd reading: House of Commons
Monday 11th December 2017 Commons Chamber

[Kit Malthouse]

The hon. Lady refers to schemes that require the employees to pay for the shares. In my view, businesses should be allowed to gift shares to their employees, and that should not necessarily form part of their remuneration package. At the moment, there are a series of ways for companies to give shares to their employees, but none is particularly tax efficient or confers particular advantages to a company. I would like a company that had a certain percentage of its shares in employees’ hands to pay a lower corporation tax rate than one that failed to involve its employees in the balance sheet. That would address the general idea that the Prime Minister has talked about—that employees should be more involved in the way that businesses, especially large businesses, are run. If shareholders at the annual general meeting every year are also employees, so much to the good. Dynamising and democratising capital has to be the way forward.

[Vicky Ford]

My hon. Friend has made excellent points about share ownership, but I want to bring him back to property ownership. Does he agree that reducing stamp duty for first-time buyers will make it so much easier for people to get on the property ladder—it is worth more than £3,000 for the average first-time buyer in my constituency?

[Kit Malthouse]

There is no doubt that stamp duty, as a frictional cost, causes all sorts of problems and distortions in the property market, and one may be at the lower end, particularly when dealing with an asset class that is highly geared—where taxation effectively has to be paid out of equity or deposit. That is operating throughout the property system. We are seeing a slowdown in the number of transactions, largely because of the frictional cost of exchange. That mechanism operates in any capital market. I may be out on a limb, and I am not the Chancellor of the Exchequer, trying to collect money to pay for everything else, but a general loosening of the stamp duty regime, and therefore more transactions in the property market, is more likely to mean that more people can access it at all levels.