Barnett Formula: Wales
Lord Kennedy of Southwark Excerpts(3 months, 1 week ago)
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Captain of the Honourable Corps of Gentlemen-at-Arms and Chief Whip (Lord Kennedy of Southwark) (Lab Co-op)
We will hear from the noble Baroness.
Baroness Bennett of Manor Castle (GP)
The strengthened representation and increased democracy we are about to see in Wales with the Senedd elections under the new system surely add further weight to the needs-based argument of the noble Lord, Lord Wigley, for looking again at improving the Barnett formula for Wales. Should the elected people closest to the voters, truly representing them, not have adequate resources to deliver on their aspirations?
UK Entrepreneurs
Lord Kennedy of Southwark Excerpts(1 year, 2 months ago)
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Lord Kennedy of Southwark (Lab Co-op)
We will have the Liberal Democrat Front Bench next, please.
Lord Fox (LD)
My Lords, when the Minister answered the noble Lord’s original Question, some of it got missed—happily, that was what I was planning to ask. Most entrepreneurs start as small or medium businesses before they become big, powerful businesses. It is very clear that the rise in NIC has hit those businesses disproportionately. As a result, there is less money for them to invest for growth and innovation. When the Treasury was considering that rise, it must have traded off future growth for short-term tax revenue. Was that the view of the Treasury at the time and why was it the view of the Treasury at the time?