Surplus Target and Corporation Tax
Debate between Mike Wood and George Osborne(7 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
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Mr Osborne
I am always happy to consider any good proposals to make further investment in our transport infrastructure. We of course support the electrification of railway lines both into south Wales and through the valleys. The Cardiff city deal has just been signed for the wider Cardiff city region, but if the hon. Gentleman has further proposals, I am happy to look at them.
Mike Wood (Dudley South) (Con)
When the Chancellor cut corporation tax in the Budget, he reduced the losses that banks could offset against corporation tax liabilities. Will he consider extending that to ensure that while we have the lowest possible rates, everyone pays their fair share of corporation tax?
Mr Osborne
My hon. Friend rightly says that as well as reducing corporation tax rates, we did a lot to reduce some of the reliefs that have been used—and some that have been abused. Broadly speaking, that is the right direction of travel for our tax system.
Greece
Debate between Mike Wood and George Osborne(8 years, 10 months ago)
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Mr Osborne
To be fair to the Greeks, they have been quite preoccupied, but they have certainly not, to my knowledge, expressed any great opposition.
Mike Wood (Dudley South) (Con)
Would it not be devastating to the credibility of the eurozone if European institutions were seen to favour political considerations in relation to keeping Greece within the single currency ahead of basic economics?
Mr Osborne
I have always felt that good politics flows from good economics. Ultimately, what we all want to see are more jobs and investment in Greece and an economic policy that allows that to happen.
Oral Answers to Questions
Debate between Mike Wood and George Osborne(8 years, 10 months ago)
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Mr Osborne
I am sorry to hear that the hon. Gentleman disagrees with the Labour civic leadership across the authorities of Greater Manchester. They are elected, of course, and the elected national Government put together this deal. It will increase accountability in Greater Manchester because there will be an elected mayor whom people can hold directly to account.
Mike Wood (Dudley South) (Con)
T6. The latest Office for National Statistics figures show that disposable household income was rising more quickly in the west midlands than anywhere else in the country. Will the Chancellor consider creating further local enterprise zones such as Waterfront Business Park in Dudley South to help create further local growth, opportunities and prosperity for my constituents?
Mr Osborne
I welcome my hon. Friend to the House. I know that he will be a strong voice for Dudley. We are looking at smaller enterprise zones that are better fitted to areas such as his, to build on the success that we have had with the bigger enterprise zones. Enterprise zones for individual towns will help the west midlands and the black country to be an engine of growth for the British economy.