All 2 Debates between Kwasi Kwarteng and Craig Mackinlay

Fri 23rd Sep 2022
Wed 24th Nov 2021

The Growth Plan

Debate between Kwasi Kwarteng and Craig Mackinlay
Friday 23rd September 2022

(1 year, 6 months ago)

Commons Chamber
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Kwasi Kwarteng Portrait Kwasi Kwarteng
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If bankers are working in London, they are taxed in London; if they move out of the UK, they are taxed elsewhere, and we do not see a penny of tax revenue. Financial services are not just about the City of London; they are also provided in Edinburgh and a whole range of other towns. We have to be at the apex of the global financial system. We have to attract the talent, then we can tax it and use the revenue for public services.

Craig Mackinlay Portrait Craig Mackinlay (South Thanet) (Con)
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May I offer the Chancellor my congratulations on his growth plan? He will know of my interest in tax; the Register of Members’ Financial Interests will show it. I am delighted to see lower and simpler taxes. I think it is fair to say that the Conservatives’ inheritance of the claim to be a party of low taxes had become somewhat opaque and confused in recent years. Does he agree with my simplistic summary of what he is saying today: that this party believes in taking a smaller percentage out of a bigger pie, rather than in the state nicking more from a static and diminishing pie? The latter seems to be the message of the Opposition parties—except for the Democratic Unionist party, of course.

Kwasi Kwarteng Portrait Kwasi Kwarteng
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We openly repudiate a socialist vision of society. We do not believe that the state should take more and more of people’s income. We think that people should keep more and more of their earnings.

Bulb Energy: Administration

Debate between Kwasi Kwarteng and Craig Mackinlay
Wednesday 24th November 2021

(2 years, 4 months ago)

Commons Chamber
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Craig Mackinlay Portrait Craig Mackinlay (South Thanet) (Con)
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I have been on something of an energy nomadic experience over the last few months. I started with Avro Energy a few months ago, but that went bankrupt and I was converted domestically to Bulb, and I am now in the support scheme within the space of three months. There was a 12% energy price rise at the last round, in August. Who knows what it will be in April next year? The policy of trying to sell ten pences for sixpence does not last very long. What we are going to see over this winter is the Treasury—that is, the taxpayer—making up the difference for these spot prices versus the reality of what energy is being sold for to domestic users. Will my right hon. Friend please see the vision that the only bridging energy supply, of which we have a lot domestically, is gas? We all want net zero sometimes, but it is not going to happen tomorrow; it is going to take a generation to get there. We have a domestic supply that can bring us the two key planks of energy: security of supply and affordability. Domestic users and the industry need that immediately.

Kwasi Kwarteng Portrait Kwasi Kwarteng
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I have two points in response to my hon. Friend. First, I am not embarrassed about the retail price cap. It has protected consumers effectively and we are proud to maintain it. On the security of gas, I could not agree with him more, but he should be addressing his comments to other Members of this House, who want essentially to shut down the UK continental shelf. We had a North sea transition deal precisely because we recognised that the transition would take a number of years.