Michael Meacher
Main Page: Michael Meacher (Labour - Oldham West and Royton)Department Debates - View all Michael Meacher's debates with the Northern Ireland Office
(12 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Prime Minister
The Father of the House makes an extremely good point. It would be completely wrong if people who were leaving in those circumstances were given some vast pay-off. It would be completely inexplicable to the British public, and it would not be right. I very much hope that it does not happen. In terms of what the Government can do, we are going to legislate so that all pay deals are put to shareholders with a binding vote, and those deals should include any severance payments. The party opposite had 13 years to do that; we are going to do it in two.
Mr Michael Meacher (Oldham West and Royton) (Lab)
Q10. Given that the richest 1,000 persons in Britain made gains of £155 billion in the past three years of austerity, why will the Government not charge those gains at the capital gains tax rate, which would bring in about £40 billion? That would be enough, without any increase in public borrowing, to generate 1 million or more jobs. It would be far better to cut the deficit in that way—through growth, rather than through the Chancellor’s failed slump.
The Prime Minister
I hate to remind the right hon. Gentleman, but he was a Minister in the Government whose capital gains tax rules meant that people in the City were paying less in tax than their cleaners were paying. We have lifted the rate of capital gains tax to 28% so that we have a fairer system.