Autumn Statement

Nadhim Zahawi Excerpts

Wednesday 3rd December 2014 Commons Chamber

[Mr Osborne]

First, what the hon. Gentleman’s question reveals is, of course, that when the Labour party says it is committed to fiscal discipline, it does not mean that at all. It opposes welfare changes that bring the welfare budget down, and it opposes all the difficult decisions required to bring public expenditure under control. Because we are able to take those difficult decisions on day-to-day spending, we are able to make investments in infrastructure that will really help all parts of the United Kingdom. A shining example of that is the electrification of the valley lines, which the Prime Minister went to south Wales to talk about. That never happened in all the years that the hon. Gentleman was a Labour Minister and represented the seat as a Labour MP.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

May I, on behalf of the Orchestra of the Swan, thank the Chancellor for the tax relief, which of course comes on top of the tax relief for the Royal Shakespeare Company? Savers were among the hardest hit under Labour’s great recession. Does not today’s autumn statement and the help that we are providing to savers demonstrate that this Government and the Conservative party are on the side of savers, who would be put at risk if Labour ever got anywhere near his position?

[Mr Osborne]

First, may I say that I know the Royal Shakespeare Company does a brilliant job? We were able to help it earlier this year with support for touring around the world. Such people are looking at the theatre tax break and at what they can do to use it. I hope that the orchestra tax break is of help to the Orchestra of the Swan, which my hon. Friend mentioned.

On savers, I have announced today that people can pass on their ISAs to their spouse tax free. That major step forward in the ISAs regime comes on top of the increase to £15,000 for the new ISA and, of course, the new freedoms on pensions.