Leaving the EU: Economic Impact of Proposed Deal

Debate between Mel Stride and Jacob Rees-Mogg

Wednesday 20th February 2019 Commons Chamber

[Mr Jacob Rees-Mogg (North East Somerset) (Con)]

As the Treasury’s forecasts before the referendum were woefully inaccurate, and the Office for Budget Responsibility was set up specifically to stop politicised reports coming out, would it not be better to consult a newspaper horoscope than Treasury forecasts?

[Mel Stride]

I hate to disappoint my hon. Friend, ingenious and amusing though his question is, but I should point out just one fallacy in the premise of his question: these are not forecasts.

Leaving the EU: Economic Analysis

Debate between Mel Stride and Jacob Rees-Mogg

Wednesday 28th November 2018 Commons Chamber

[Mel Stride]

What I can tell the hon. Lady is that this analysis has been carried out, for example, not solely by the Chancellor or the Treasury, but right across Whitehall. Every Government Department has been involved in that. No direction as to the detail or what the outcome of the analysis should be has been made by Ministers, and it is important that I go on the record in this urgent question to defend those officials who are not able to speak for themselves in these circumstances and say that the Government have absolute confidence in them and their integrity.

[Mr Jacob Rees-Mogg (North East Somerset) (Con)]

I am sure that my right hon. Friend recalls the wild inaccuracy of the Treasury’s forecasts before the referendum—of a punishment Brexit and an increase in unemployment of 800,000—but is there not a major flaw in the document we have before us? Global trends have not been modelled, yet it is thought that 90% of future global economic growth will come from outside the European Union. Without thinking about that, this forecast is worthless.

[Mel Stride]

I would make two points to my hon. Friend. First, this is not a Treasury report, as such, but as I have just outlined, it has involved discussions right across the whole of the Government. Secondly, on future trade deals, he will find buried within the detail that in fact assumptions have been made about future trade deals with countries such as the United States, China and India.

Oral Answers to Questions

Debate between Mel Stride and Jacob Rees-Mogg

Tuesday 16th January 2018 Commons Chamber

[Mr Jacob Rees-Mogg (North East Somerset) (Con)]

4. If he will bring forward legislative proposals in respect of the imposition of inheritance tax on direct personal donations to campaign groups involved in referendums.

[The Financial Secretary to the Treasury (Mel Stride)]

My hon. Friend will know that the inheritance tax exemption for donations to political parties does not exist for donations to referendum campaigns. However, my right hon. Friend the Chancellor and I have discussed the issues that my hon. Friend has raised in previous weeks, and we are sympathetic to looking carefully at how the law may be changed for future referendum campaigns.

[Mr Rees-Mogg]

In the past nine years, there have been 23 retroactive tax changes where there has been unfairness, error or unduly onerous taxation. When the law was drafted in 1994, there was no idea that there would be a succession of referendums. It is deeply unfair that people who have contributed to the alternative vote referendum, the referendum in Scotland and the Brexit referendum may find very large tax bills winging their way towards them, not least as Her Majesty’s Government spent £8 million of taxpayers’ money willy-nilly in the Brexit referendum.

[Mel Stride]

As a matter of principle, it is not the position of Her Majesty’s Treasury to apply tax changes retrospectively but, as I have indicated, my right hon. Friend the Chancellor and I will be looking carefully at the issues that my hon. Friend has raised.