Finance Bill
Nigel Evans Excerpts(12 years ago)
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Mr Gauke
I beg to move, That the Bill be now read the Third time.
The Bill proposes wide-ranging reforms of the tax system to reward work and promote growth. It supports business and growth, creates a fairer, more efficient and simpler tax system, and builds on our commitment to improving the tax policy-making approach. However, it should be seen against the fiscal backdrop that we inherited.
Before I discuss the Bill in more detail, let me remind Members of the challenges that we face. When we came to power, we were confronted by the largest peacetime deficit that the country had ever seen. One pound in every four was borrowed. Members will recall—[Interruption.]
Mr Deputy Speaker (Mr Nigel Evans)
Order. I am finding it rather difficult to hear the Minister.
Mr Gauke
Members will recall that the independent Office for Budget Responsibility revealed that the underlying damage to the economy and our challenge in repairing it was much greater than anyone had thought. It was therefore vital for us to take decisive action to restore the economic stability that was needed for recovery, and the Bill is part of that. In order to address the enormous debts that we inherited, confront Britain’s problems and get the economy moving, the Government have undertaken a sustained programme of deficit reduction.
As I said earlier, the Bill supports business and growth. It implements milestones for the corporation tax roadmap, overhauls the controlled foreign companies regime, and introduces the patent box.
Bill Esterson
No, I am not going to take any more interventions; the hon. Gentleman can sit down.
We should be seeing the investment from the bank bonus tax and a temporary cut in VAT. The Bill—[Interruption.]
Bill Esterson
The Bill does nothing to help grow the economy or get us out of the problems we face. The House should vote against it.
Question put, That the Bill be now read the Third time.
Finance Bill
Nigel Evans Excerpts(12 years ago)
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Mr Deputy Speaker (Mr Nigel Evans)
With this it will be convenient to discuss the following:
Amendment 25, page 134, line 2, leave out schedule 1.
Amendment 21, in schedule 1, page 138, line 10, leave out
‘in relation to the payments’
and insert
‘equal to 100 per cent of any amounts in relation to which one or both of conditions A and B are met under section 681B of ITEPA 2003’.
Amendment 22, page 139, line 10, leave out
‘in relation to the payments’
and insert
‘equal to 100 per cent of any amounts in relation to which one or both of conditions A and B are met under section 681B of ITEPA 2003’.
Cathy Jamieson
It is a pleasure to open the debate on these important amendments. I intend to pursue a theme that emerged earlier this evening—that of fairness to children, families and people who are feeling the squeeze as a result of the Government’s current policies—and also to discuss feedback from people who are concerned about the practicalities of the Government’s proposals on child benefit for higher-rate taxpayers, along with points that were raised by Members during that part of the Committee stage that took place on the Floor of the House.
When I spoke about this issue in Committee, I reminded Members that child benefit involved a number of important principles, not least the principle of universality, which Labour of course supports. Because I spoke at some length on that occasion, I do not intend to rehearse all the arguments again now, but I think it worth repeating that child benefit is supposed to benefit—literally—children and families. That fact has been lost at various points, but I hope that we shall be able to keep it in our minds tonight as we consider what the Government are proposing.
As I pointed out in the earlier debate, child benefit was designed to ensure that mothers—at that time, specifically mothers—had money paid into their purses regularly, so that they had a stable income that could be used for their families.
Mr Deputy Speaker (Mr Nigel Evans)
Order. As hon. Members can see, a number of Members are standing and wish to contribute in what is a relatively short space of time, and the Minister still needs to respond, so please be mindful of other Members when making contributions.
Mark Field (Cities of London and Westminster) (Con)
I must confess that I support the principle behind the clause but share many of the concerns expressed by the hon. Member for Kilmarnock and Loudoun (Cathy Jamieson) about its practicality. However, I accept that there is an overriding need to reduce the vast fiscal deficit, and all of us who feel that way must look at the provisions, whether in the Budget or elsewhere, and support what is being done to try to get the deficit down. Apart from everything else, it is a moral case: we cannot pass these huge debts on to the next generation. Even now, in an era that the Opposition have identified as one of austerity and savage cuts, the Government are borrowing £1 in every £5 they spend.
There is an absolute crisis in the welfare state and we must wean ourselves off this huge amount of public expenditure at the earliest opportunity. One of the most important areas to look at is that of universal benefits, particularly universal middle-class benefits, which must be up for consideration. Housing benefit, which has been discussed, and child benefit are certainly important. I believe that wealthy pensioners should not get free TV licences, bus passes or winter fuel allowances, although I accept the political difficulty of that, given the promises made just before the general election.
The Minister is an intelligent man and must realise that the practicalities of the system will make it an absolute nightmare. The hon. Member for Kilmarnock and Loudoun has made quite clear how she feels about it, but let us for once in politics be wise before the event, rather than after it.
Jobs and Growth
Nigel Evans Excerpts(12 years, 2 months ago)
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Mr Deputy Speaker (Mr Nigel Evans)
To accommodate more Members, the time limit is being reduced immediately, by one minute to five minutes.
Mr Deputy Speaker (Mr Nigel Evans)
Order. To enable more Members to contribute to this debate, the time limit is now four minutes.
Business and the Economy
Nigel Evans Excerpts(12 years, 2 months ago)
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Mr John Redwood (Wokingham) (Con)
I remind the House that I offer business advice to a global engineering business and a small investor management business.
We meet today with the winds of danger blowing once again from the euro area. We meet to discuss measures in the Queen’s Speech to make Britain more competitive, to equip Britain better, and to produce more jobs and deliver more goods and services around the world. No one in this House would disagree with the aim. All the main parties agree that we need more economic growth. I think they all agree it is easier to get a deficit down when we are creating more jobs, getting people who are out of work into those jobs, and generating more income and activity, than when we are not. There is no disagreement across the Floor of the House about the aim.
However, when debating how we are going to get that growth and give the best possible support to the companies and individuals who create the jobs and make things happen, we must also recognise that there is a very threatening and menacing problem on our doorsteps. As we meet here today, we know that the Greek political parties may not be able to form a Government at all, or they may not be able to form a Government that can put through the necessary measures to meet the requirements of the EU and IMF loans in Greece. They may decide on new elections in some weeks’ time, creating a dangerous hiatus; and those elections may produce a Government who fully reflect the view of the Greek people, as expressed in the last election to a considerable extent, that they do not wish to co-operate any longer with the lethal mixture of policies that the euroland senior politicians have put forward.
That matters to the United Kingdom, not only because some of our exports and services are sold within euroland, but because, as members of the European Union, we will participate in some of the meetings about what kind of growth strategy Europe as a whole can develop, and we will be a party to some of the decisions that will determine the future of the euro. If the Greek tragedy unfolds such that the Greek state cannot meet the requirements, the European Union has to decide either to give in yet again and come up with another compromise, or that there has to be an early exit of Greece from the euro. It would be better for the British economy and for the future of euroland if an early exit of Greece from the euro were organised quickly, and in confidence up to the point when the necessary announcements must be made. I would not expect the British Government to confirm that that is their aim, but I hope that Ministers are working closely together, representing the greatest financial centre in western Europe and perhaps the world, with that in mind. The sooner the Greek problem is solved, the sooner we can get on with sorting out some of the wider problems in the European economy.
If it is decided to cobble together another compromise, massive headwinds against growth and prosperity in our continent will continue to blow forcefully. Will an early Greek exit be easy to handle? No, of course not. Will it be pleasant? No, of course not. But the Greek people have got to the point where they cannot take any more years of austerity, and in some way or another Greece has to be made competitive. If is it is completely impossible, as it seems to be, in a democracy to slash wages by the amount the German side of the argument seems to say the Greeks should slash wages by, other means have to be used: having a devaluation and having a new currency.
The United Kingdom has one big advantage in the crisis: we have our own currency, it is freely floating,and we are much closer to having competitive prices than Greece, Italy or Spain can possibly be within the euro. Any measures that my right hon. Friends can take to improve our competitiveness in order to create more export jobs, the better. How right Ministers are to see that there has to be a huge reorientation of British exports towards the emerging markets—to the faster-growing territories of Asia, Latin America and parts of Africa—because Europe is making such a comprehensive mess of its economy and its prospects. It is destroying hope and jobs on such a massive scale that our only hope as a country is to support and orient our businesses to where the growth is and where the opportunities are to be found.
That means taking urgent action to mend our banks and to establish more competitive banking, with more money to lend to our companies, because they are going to need working capital and investment capital. They are going to need to gear up for the 2.5 billion Indian and Chinese who want to come to the world party, many of whom, I am pleased to say, will come to the world party and will be the market that replaces the European market, which is failing so visibly.
We also need competitive energy. Surely the Secretary of State would agree, at least in private, that if we wish to lead an industrial revival in this country or anywhere else, we need cheap and competitive energy in plentiful supply. We should not be saying, “Let’s make everything in China, so it does not score against our carbon dioxide totals.” Let us make things here. If we have cheap energy, we will have more chance. Modern manufacturing creates lots of jobs in marketing, legal work and promotion. It does not create many jobs on the shop floor because it is automated, which requires access to lots of cheap energy. That is what I want this Queen’s Speech to address: cheap energy, less intensive regulations—
Mr Deputy Speaker (Mr Nigel Evans)
Order. I remind hon. Members that there is a six-minute limit on speeches.
Nicholas Soames
I hope that the hon. Gentleman will forgive me, but I have only six minutes, and I have a few points to make.
I support and endorse the Queen’s Speech. Much in it deserves and commands support at this very difficult time. The Government are right in their determination to drive the economy forward, to bring the UK’s productivity and growth up to world standard—they are not at that standard at the moment—and to focus on getting the big things right and resolving the stubborn, difficult and often politically very unappealing challenges that have long kept the UK’s economy from fulfilling its true potential. Our national problems are serious. Many of the causes of Britain’s plight cannot justly be blamed on Greece, Brussels, or even the banks. There is the dire state of too many of our schools and thus, through no fault of their own, the poor skills of too many young people; there is the decline in size of our manufacturing industry—an industry that the Germans sustain so well—and there is the plight of small businesses, which are still groaning under oppressive bureaucracy and employment law. We really need to get on and fix those problems. This country remains, on its good days, a wonderfully civilised place, but there is no contradiction in recognising that our traditional national values will not suffice to support us through this century unless they are allied to harder work, vastly improved skills, and a drastic reality check about the standard of living that we have for so long taken for granted.
I wholly endorse the views that my right hon. Friend the Foreign Secretary expressed yesterday in a really interesting, punchy interview in The Sunday Telegraph. He set out clearly the great opportunities for British trade and the great efforts being made to secure them through our outstanding commercial diplomacy. The success of our economy locally, nationally and globally will depend on how we build our economic growth around a tapestry of skills, with science, finance and sound regulation working together. In many ways, the Queen’s Speech sets out a way forward on that. It is worth remembering that growth, as a public policy, can achieve a great deal. It can create jobs and it reduces welfare dependency, but it is not an end in itself.
I am trying to develop an idea that takes advantage of the south of England’s local geography and opportunities. Starting with the south of my constituency, I want to develop an international technology hub between Burgess Hill and Brighton, and between Brighton and Southampton. The work required to deliver improvements to the A27 must happen, and I do not see why that should not be carried out by a public-private partnership of some sort. We need to get on and develop the sort of creative clusters that are essential for economic growth, making the most of the university of Sussex and the brilliant Brighton university, through to Portsmouth and Southampton—an area with ample office space and housing. The advantage of such a scheme is that it contains all the conceptual ideas that begin with the creation of jobs and extend to kick-start a knowledge-based economy. One of the points that the Gracious Speech makes—
David Rutley (Macclesfield) (Con)
Contrary to what the hon. Member for Dundee East (Stewart Hosie) said, the economy is central to the Government’s agenda. They have already taken much-needed action to ensure lower-cost Government borrowing by working to create the most cost-effective business tax system in the G7 and by pushing forward supply-side reforms that are needed to tackle the burden of bureaucracy facing British businesses, much of which was put in place by Labour when it was in power. Real progress is being made, and I support the Government in their efforts to show that Britain is open for business once again.
The Queen’s Speech sets out proposals that will build on those achievements. The enterprise and regulatory reform Bill will promote enterprise and fair markets through a new competition and markets authority, the creation of the green investment bank, and much-needed reform of employment tribunals. The Queen’s Speech also contained the Groceries Code Adjudicator Bill, which has been welcomed by farmers in Macclesfield, the National Farmers Union, and small food producers more widely. By establishing an independent adjudicator that will enforce the groceries supply code of practice, the Government will ensure that supermarkets deal more fairly with their suppliers and that we have a much more effective supply chain for the food industry.
The Queen’s Speech includes important measures on financial services. The banking reform Bill will create a ring fence around vital banking services and introduce depositor preference, in line with the recommendations of the Vickers Independent Commission on Banking. After the Northern Rock experience, with the first run on the banks in over a century, it was clear that much needed to be done to protect the pensioners, families and small businesses who rely on our banks and financial services and that the failed framework of the previous Government had to be replaced. After the general election, the Government rightly focused on putting back in place a financially stable mechanism to ensure that we had a solid foundation, and they commissioned Vickers to take forward a bold approach to financial regulation and propose the ring fence for retail banks. That must be put in place to make certain that we do not see further failures such as Northern Rock and the Royal Bank of Scotland. This highlights the importance of going beyond Basel III and the minimum capital requirements that it proposes to ensure that there is real stability for the UK financial services system. I am pleased that the recommendations of the Vickers commission are now being taken forward by the Government in the banking reform Bill.
The Financial Services Bill, which I was involved in scrutinising in Committee, was the next step in the process. It puts accountability back with the Bank of England, where it needs to be, by creating a new systemic regulator—the Financial Policy Committee. The Bill is one of the carry-over Bills that will continue its progress in this parliamentary Session, and it is vital that it does so.
It is a concern that the aims of these reforms, whether banking reform or the Financial Services Bill, might be undermined by plans being suggested by Brussels. There are worrying signs that a significant number of EU regulations in the pipeline could have a major effect on the Government’s new financial regulations and undermine our freedom to take the necessary steps to get our banking system into a safer, more secure position.
A huge amount is at stake for the UK economy, and it should not be forgotten that the financial services sector still accounts for 10% of UK gross domestic product. In 2010, the sector employed 1 million people, and it contributed £53 billion in taxes in the 2009-10 financial year alone.
The Chancellor is right to work hard to ensure that the single European rule book does not bind the UK to a maximum level of EU capital requirements, which the Vickers report believes is inadequate. Capital requirements directive IV threatens to tie the hands of the Financial Policy Committee. Given the importance of this decision to the British economy, our negotiators are right to use every tool in their arsenal to protect our ability to regulate UK financial services. The Treasury is right to push back on Brussels to ensure that the box-ticking culture that was all too prevalent under the previous system is not replaced by further box ticking from Brussels.
Domestic regulators require discretion to utilise the new judgment-led approach, which is welcomed by many, to cater for the changing needs of the financial services sector here at home. However, without the effective safeguards from EU regulations, the UK risks being tied into a system more suited to Germany’s regional Landesbank or Spain’s caja savings banks than one regulating the globally important City of London.
The Government are right to continue to press for the safeguards that the Prime Minister sought at the EU Council meeting, where he made his decisive veto. Tomorrow’s ECOFIN meeting offers Finance Ministers from across the EU the chance to address the eurozone’s crisis and I hope that they take note of what this Government are doing in their efforts to tackle the deficit and push forward constructive reforms in the financial—
Static Caravans (VAT)
Nigel Evans Excerpts(12 years, 2 months ago)
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Mr Deputy Speaker (Mr Nigel Evans)
Order. The hon. Lady rises to speak from the Opposition Dispatch Box. As that cannot be done in an Adjournment debate, may I ask her to make her intervention from the Bench behind?
Cathy Jamieson
I apologise, Mr Deputy Speaker. I still find the conventions of the House somewhat confusing.
Cathy Jamieson
Does the hon. Gentleman agree that the Treasury should look again at the impact assessment? It estimates that it will take in some £35 million in 2013-14 as a result of this measure, but it should look again at the impact assessment to compare that with the amount of money that will be lost in the wider economy.
Mr Stuart
The hon. Lady is right. I have many more examples, including that of Laura Goldspink, who lives in my constituency and also works at Willerby Holiday Homes. Charles Gillett, who runs a business that is 100% reliant on the caravan industry, has talked of
“an industry on a knife edge, struggling to emerge from the ravages of the recent recession.”
He, too, pointed out that it is not 750 companies affected, but well over 2,000. Peter Smith, the chairman of the Swift Group—one of the leading employers in east Yorkshire, with 800 staff and a turnover of £200 million —has said:
“A very conservative HMRC prediction is a reduction in demand of 30% which would lead to the lowest market figure for over a decade of around 11,000 units,”
as we have discussed. He continued:
“Such a reduction is likely to increase the cost of materials (due to economies of scale), make credit harder to come by and jeopardise the viability of manufacturers and suppliers.”
I have said enough. Peter Smith put his finger on it, as have all the other Members who have spoken. The Budget is all about creating jobs, but if this measure is implemented, it would have exactly the opposite effect. What we ask, from both sides of the House, but particularly the Government Benches, is for the Minister to listen to the contributions to the consultation and reconsider.
Mr Deputy Speaker
I am sorry that we did not have time in this relatively short debate to hear most of the speech that the hon. Gentleman was holding in his hands.
Financial Services Bill
Nigel Evans Excerpts(12 years, 3 months ago)
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Mr Andrew Tyrie (Chichester) (Con)
I beg to move, That the clause be read a Second time.
Mr Deputy Speaker (Mr Nigel Evans)
With this it will be convenient to discuss the following:
New clause 2—Reports by skilled persons—
‘The Financial Services and Markets Act 2000 is amended as follows—
“(1) In section 166, subsection (1), leave out “require him” and insert “inform that person that it has appointed a person”.
(2) In section 166, subsection (1), at end insert “The Authority may require the person to whom subsection (2) applies to pay for the costs of the report in the event that it has resulted in enforcement action being taking against that person.”.
(3) In section 228, subsection (5), at end insert “except that this is without prejudice to the right of the complainant to sue for any amounts in excess of the maximum award limit in the event that the Ombudsman has made a recommendation pursuant to section 229(5) of this Act. The Complainant’s acceptance is also not binding on the Authority which remains entitled to take such action as it would have been had the award limit not existed.”.’.
New clause 3—Enforcement of money awards—
‘Schedule 17 of the Financial Services and Markets Act 2000 is amended as follows—
“(1) In paragraph 16, leave out “which has been registered in accordance with scheme rules”.’.
New clause 13—Meaning of qualifying parent undertaking: assessment and review—
‘(1) The Treasury shall within twelve months of Royal Assent to this Act consult the FCA and the PRA on the possible need to exercise the powers provided for by section 192B(6)(a) of the Financial Services and Markets Act 2000 and shall lay before the House of Commons a report containing an assessment of the need to exercise these powers.
(2) In subsequent years, the FCA and the PRA shall provide an annual assessment of the possible need to exercise the powers provided for by subsection (6)(a), to be reviewed by the Treasury. Any such review must be laid before the House of Commons.’.
Amendment 46, in clause 1, page 1, line 12, at end add—
“(2A) The appointment of the Governor and Deputy Governors shall be made only after the Treasury Committee of the House of Commons has been consulted and has reported on the suitability of the candidates nominated by the Chancellor of the Exchequer for the posts.’.
Amendment 47, page 1, line 12, at end add—
“(2A) Any member appointed under subsection (2) shall be appointed with the consent of the Treasury Committee of the House of Commons.’.
Amendment 29, in clause 2, page 2, line 11, after ‘Authority)’, insert
‘and shall have regard to minimising, as far as possible, the use of public funds to support or rescue parts of the UK financial services industry.’.
Amendment 22, in clause 3, page 3, line 37, after ‘functions’, insert
‘having regard to the economic policy of Her Majesty’s Government, including its objectives for growth and employment’.
Amendment 23, page 8, line 32, at end insert—
(a) If the Treasury considers it appropriate to proceed with the making of an order under section 9K, the Treasury may lay before Parliament—
(i) a draft order, and
(ii) an explanatory document.
(b) The explanatory document must—
(i) introduce and give reasons for the order,
(ii) explain why the Treasury considers that the order serves the purpose in section 9K, and
(iii) be accompanied by a copy of any representations received from the FPC or the Governor.
(c) The Treasury may not act under paragraph (a) before the end of the period of 12 weeks beginning with the day on which the consultation began, unless the order is made in accordance with paragraph (b).
(d) Subject as follows, if after the expiry of the 40-day period the draft order laid under paragraph (a) is approved by a resolution of each House of Parliament, the Minister may make an order in the terms of the draft order.
(e) The procedure in paragraphs (f) to (i) shall apply to the draft order instead of the procedure in paragraph (d) if—
(i) either House of Parliament so resolves within the 30-day period, or
(ii) a committee of either House charged with reporting on the draft order so recommends within the 30-day period and the House to which the recommendation is made does not by resolution reject the recommendation within that period.
(f) The Minister must have regard to—
(i) any representations,
(ii) any resolution of either House of Parliament, and
(iii) any recommendations of a committee of either House of Parliament charged with reporting on the draft order, made during the 60-day period with regard to the draft order.
(g) If after the expiry of the 60-day period the draft order is approved by a resolution of each House of Parliament, the Minister may make an order in the terms of the draft order.
(h) If after the expiry of the 60-day period the Minister wishes to proceed with the draft order but with the material changes, the Minister may lay before Parliament—
(i) a revised draft order, and
(ii) a statement giving a summary of the changes proposed.
(i) If the revised draft order is approved by a resolution of each House of Parliament, the Minister may make an order in the terms of the revised draft order.
(j) For the purposes of this section an order is made in the terms of a draft order or revised draft order if it contains no material changes to its provisions.
(k) In this section, references to the “30-day”, “40-day” and “60-day” periods in relation to any draft order are to the periods of 30, 40 and 60 days beginning with the day on which the draft order was laid before Parliament.
(l) For the purposes of paragraph (k) no account is to be taken of any time during which Parliament is dissolved or prorogued or during which either House is adjourned for more than four days.’.
Amendment 24, page 12, line 2, at end insert—
‘(f) an assessment of the impact of each macro prudential measure on employment and economic growth.’.
Government amendment 12.
Amendment 39, in clause 4, page 14, line 36, at end add—
‘Within a year of commencement of this Act the Bank of England shall publish a review of the effectiveness of co-ordination by the regulators of the exercise of their functions relating to membership of, and their relations with, the European Supervisory Authorities (namely, the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority), and their relations with other regulatory bodies outside the United Kingdom.’.
Amendment 28, page 15, line 4, leave out clause 5.
Amendment 35, in clause 5, page 16, line 15, at end insert—
‘(c) the ease with which consumers, particularly those on lower incomes, can have access to financial services and products which are affordable and appropriate to their needs.’.
Amendment 67, page 16, line 41, after ‘is’, insert
‘intelligible to them, appropriately presented’.
Amendment 41, page 17, line 1, after ‘transaction’, insert
‘, any common law fiduciary duties owed by the provider in question’.
Amendment 68, page 17, line 35, at end insert—
‘(e) the ease with which consumers throughout the UK can identify and obtain services which are appropriate to their needs and represent good value for money.’.
Amendment 69, page 27, line 19, at end insert ‘and by the Consumer Panel’.
Amendment 70, page 27, line 19, at end insert—
‘(1A) Unless the PRA has established a panel as provided for in section 2K(2) to reflect consumer interests, it must consider representations from the Consumer Panel established under section 1Q where such representations relate to the PRA’s general policies and practices, the co-ordination of the exercise of PRA and FCA functions as provided for in section 3D(1), or the exercise of the PRA power in section 3I.’.
Amendment 34, page 28, line 38, at end insert
‘to minimise unnecessary additional expenses that might be incurred by virtue of the separate administration of the FCA and the PRA, and to maximise any common administrative savings achievable through close co-ordination.’.
Amendment 36, page 29, line 15, at end insert—
‘(g) the principle that, where appropriate, authorised persons should have a fiduciary duty towards the consumers who are their clients.’.
Amendment 71, page 29, line 42, at end insert—
‘(d) that each regulator engages with the other where they identify any gaps in or between their regulatory remits, or the exercise of these, that may become apparent in relation to any product, provider, institution, market practice, responsible shareholder interest or consumer concern;
(e) that as appropriate both regulators can identify areas where they can share services and information, acting to minimise burdens on firms supervised by both regulators and/or to maximise the understanding of consumers and facilitate the exercise of their responsible interests.’.
Amendment 33, page 31, line 24, at end insert—
‘(8A) The memorandum shall contain an estimate of the additional annual costs involved in the administration of the FCA and PRA when compared with the estimated costs of the administration of the Financial Services Authority.’.
Government amendment 1.
Amendment 42, in clause 25, page 108, leave out lines 29 and 30.
Amendment 43, page 108, leave out lines 34 to 39.
Amendment 49, in schedule 3, page 174, line 1, at end insert
‘with the consent of the Treasury Committee of the House of Commons.’.
Amendment 50, page 174, line 2, at end insert
‘with the consent of the Treasury Committee of the House of Commons.’.
Amendment 27, page 176, line 9, at end insert—
‘Publication of minutes and agendas
10 The FCA shall make arrangements to publish the agendas and minutes of its meetings, unless publication would be inappropriate.’.
Mr Tyrie
As a number of colleagues across the House will have noticed, the Treasury Committee took the highly unusual step of tabling a new clause, which is signed by all but one member of that Committee. As hon. Members will be aware, the Committee feels strongly that this Bill is defective in a number of respects, and needs a good deal of attention and improvement. That is because the Bill will hand the Governor of the Bank of England
“unprecedented new powers to shape the British economy. While continuing to set interest rates, the Bank will take over the supervision of commercial banks and insurers, be responsible for…tackling threats to financial stability…and have the power to restrict lending on mortgages, or order banks to increase their capital…one…man or woman will wield all these powers. This individual will arguably be as powerful as the chancellor”.
As drafted, the Bill seems to fly
“in the face of all ideas of modern governance, let alone parliamentary accountability.”
Those are not just my personal views; they summarise reasonably well the views of the whole Treasury Committee. As it happens, I have not said anything off my own bat yet; everything that I have said so far is a verbatim quotation from an article by the previous Chancellor, the right hon. Member for Edinburgh South West (Mr Darling).
Finance (No. 4) Bill
Nigel Evans Excerpts(12 years, 3 months ago)
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The Temporary Chair (Mr Bone)
Order. I remind right hon. and hon. Members that, because of the programme motion, this debate has to finish at 4.38, and that the Minister has to reply to it. Short speeches would therefore be appreciated.
Finance (No. 4) Bill
Nigel Evans Excerpts(12 years, 3 months ago)
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The First Deputy Chairman of Ways and Means (Mr Nigel Evans)
We come now to new clause 6. I call Mr Stuart to move it formally.
Mr Graham Stuart
After the concession by the Government, I choose not to move the new clause.
New Clause 6
VAT on Caravans
‘No new Order shall be made under section 30(4) or 31(2) of the Value Added Tax Act 1994 which amends the Act to apply to holiday caravans that are currently zero rated.’.—(Diana Johnson.)
Brought up.
The First Deputy Chairman
The question is, that the clause be—[Interruption.] The clause has been moved by another Member, which is allowable.
Question put, That the clause be added to the Bill.
Amendment of the Law
Nigel Evans Excerpts(12 years, 3 months ago)
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Mr Deputy Speaker (Mr Nigel Evans)
Before I call Mr Vaizey, may I implore both Front Benchers to show incredible time restraint due to the number of Back Benchers who wish to take part in today’s debate?
Mr Deputy Speaker (Mr Nigel Evans)
Order. I thank both Front-Bench speakers for demonstrating time restraint. There is a five-minute limit on Back-Bench contributions, but if Members can speak for less than five minutes, we will be grateful.
Mr Foster
If the hon. Gentleman looks at the figures on applications to our universities, he will see that the predicted fall-off has simply not happened. As we heard earlier in the debate and in the Budget statement, investment in science is being increased. The creative industries want a better base than what is taught in our schools. Because of this coalition Government, the way computing is taught in schools is to be changed, and because of the work of the Henley review, we are going to put culture and creativity back in schools. That will be crucial to the sector. The former Chancellor talked about young people; I hope that he has looked at the real benefit that will be produced by the enterprise loan scheme for young people introduced in this Budget. Work is now being done to roll out high-speed broadband and ultra-high-speed broadband in many of our cities. Everyone in the creative industries will benefit from measures such as the cut in corporation tax, the simplification of tax collection, the loan guarantee system, the enhanced business finance partnership and so on.
I welcome many of the measures that have already been introduced and those that are in this Budget, but of particular importance are the tax breaks for producers of computer games, high-end television productions and animation. They will bring real benefits to those elements of the creative industries, helping the UK economy and increasing employment and opportunities for innovation and investment. As many have said, their effect is already being felt. Only a couple of days ago, I received an e-mail from an animation company, Blue-Zoo, saying that it
“has scrapped all planned moves abroad and intends to make shows 100% in this country”
It also says:
“not only that, we are now planning to invest further in our infrastructure, creating jobs, and growing our industry”.
There are many other examples.
Having been very positive, in the few seconds remaining let me raise three concerns about the Budget. First, the Budget introduces a change in gaming machine taxation, the broad thrust of which is welcome, but the failure to take account of irrecoverable VAT in the calculation will, I believe, be to the disadvantage of some aspects of the gaming industry, particularly bingo. I am also concerned about the impact of tax relief changes on philanthropy, and of VAT changes on work done on listed buildings. With those three—
Amendment of the Law
Nigel Evans Excerpts(12 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Deputy Speaker (Mr Nigel Evans)
Order. Before Mr Brown’s speech, I should have announced that there is an eight-minute time limit on speeches. He is so astute that I knew he would realise that, but I now say to the rest of you that there is an eight-minute limit.