Budget Resolutions and Economic Situation

Debate between Lindsay Hoyle and Kit Malthouse

Wednesday 28th October 2026 Commons Chamber

[Kit Malthouse]

I am glad that the hon. Gentleman has raised that point. If he looks at the founders’ relief in the scorecard and puts it against the reduction in business asset disposal relief, he will see that effectively there has been a straight transfer of value from family businesses, high street shops and smaller businesses to the tech bros who are going to benefit from founders’ relief. We have yet to see the detail on that relief, but the scorecard shows a net cost to the Government of about £200 million. That is negligible in the face of an economy the size of ours.

That is a real problem, because we are standing at the bottom of the ellipse of human achievement, the like of which we have not seen since the industrial revolution. This country has got its capitalism wrong in the past. We missed the IT revolution of the ’80s and ’90s because we were too busy worrying about house prices. British capital has kind of stultified and failed to take advantage of these massive advances in technology, much to our detriment in terms of national wealth.

We still live off, to a certain extent, the wealth that was created during the Victorian era. Many of our largest companies came about because of British capitalism—naked capitalism—during that era. The palaces we live in, the Cavendish Laboratory at Cambridge, King’s College, Cambridge, and the NHS—all of that built from the profits of British capitalism. We have neglected it over the last 20 years or so, particularly by attacking the return on risk. The rise in taxation on dividends, the rises in capital gains tax, the reduction in any kind of relief for entrepreneurs, and the complexity of the enterprise investment scheme and the seed enterprise investment scheme—all that is a massive deterrent to anybody who wants to start a business and take a risk. Until we realise that we will not get growth until we set capital free, we will continue to be trapped in this vortex of a demographic pyramid inversion and ever-mounting debts as the public sector consumes the private sector.

The last thing I want to raise is the new powers that are being granted to the Revenue. All Members should beware of what is hidden in the detail of those new powers. We are getting to a situation where our economy is existing to support the Revenue rather than the other way around.

[Mr Speaker]

I call Chris Evans.

Oral Answers to Questions

Debate between Lindsay Hoyle and Kit Malthouse

Wednesday 19th November 2025 Commons Chamber

[Mr Speaker]

Before we come to Prime Minister’s questions, may I extend a warm welcome to the President of the National Council of the Slovak Republic and his delegation, who are with us in the Gallery? May I also welcome the new Chief Minister of Saint Helena?

[Kit Malthouse (North West Hampshire) (Con)]

Q1. If he will list his official engagements for Wednesday 19 November.

Terminally Ill Adults (End of Life) Bill

Debate between Lindsay Hoyle and Kit Malthouse

Friday 16th May 2025 Commons Chamber

[Kit Malthouse]

claimed to move the closure (Standing Order No. 36).

Question put forthwith, That the Question be now put.

The House proceeded to a Division.

[Mr Speaker]

There is a delay in the No Lobby. Will the Serjeant at Arms please go and inspect?

Business of the House

Debate between Lindsay Hoyle and Kit Malthouse

Thursday 16th January 2025 Commons Chamber

[Kit Malthouse (North West Hampshire) (Con)]

As I am sure you know, Mr Speaker, my constituency is the source of a number of globally significant chalk streams, not least and most famously the River Test. A number of Members were pressing the previous Government to bring forward a chalk stream recovery pack, to help get those rivers back to their best state of health, so you can imagine our disappointment when we learnt in the media before Christmas that this pack was being abandoned, as was subsequently confirmed in a ministerial statement. Could we have a statement urgently from the Secretary of State about what he will do to replace that pack and bring these rivers back to the state of health they should be in?

[Mr Speaker]

We have to help Sir Charles Walker’s fishing—come on, Leader of the House.

VAT: Independent Schools

Debate between Lindsay Hoyle and Kit Malthouse

Tuesday 8th October 2024 Commons Chamber

[Kit Malthouse (North West Hampshire) (Con)]

The shadow Secretary of State makes a strong point about the sanctity of zero-rating VAT for education. I am concerned that children’s clothes, which are currently exempt from VAT, may be the next target. Notwithstanding the impact that the change to VAT will have on individual families, does he agree that private and prep schools—my constituency has five—are enormous employers of people involved in building maintenance, such as electricians and plumbers, and that the impact on the wider economy could well be profound?

[Mr Speaker]

Order. I remind Members to look towards the Chair when they are speaking, or what they say will not be picked up by the mics; I then struggle to hear them. I know that the Minister was struggling as well. If Members keep the chatter down, it will help us both.