Oral Answers to Questions

Debate between Nigel Huddleston and Greg Smith

Tuesday 6th February 2024 Commons Chamber

[Greg Smith (Buckingham) (Con)]

4. If he will make an assessment of the potential impact of the loan charge on levels of bankruptcy.

[The Financial Secretary to the Treasury (Nigel Huddleston)]

I have heard the concerns expressed by hon. Members on the impact of the loan charge, and I have pushed His Majesty’s Revenue and Customs for firm assurances on the safeguards that it has in place. No one will be forced by HMRC to sell their main home or access their pension funds early to pay their loan charge debts, nor has HMRC petitioned for bankruptcy, which would be only a last resort and is in nobody’s interest. There is substantial support in place to help people in debt, including agreeing time-to-pay arrangements with them.

[Greg Smith]

I am grateful to my hon. Friend for that answer and his engagement with the loan charge and taxpayer fairness all-party parliamentary group, including a meeting this evening with its officers. In an internal document that surfaced as part of the 2019 Morse review, HMRC admitted to around 100 bankruptcies from the loan charge. Can the Minister tell the House why that figure has never been given publicly by HMRC, and what the figure is today?

[Nigel Huddleston]

Again, I thank my hon. Friend for championing this area and his great concern for the human stories behind the difficult circumstances resulting from some of these schemes. As I have said, I am constantly seeking reassurance from HMRC on this matter, and my understanding is that where bankruptcies have occurred, it has often been because of requirements outside of the loan charge, not from HMRC; indeed, some people have declared bankruptcy of their own volition. However, if my hon. Friend has evidence to the contrary, I would like to know about it.

Oral Answers to Questions

Debate between Nigel Huddleston and Greg Smith

Tuesday 19th December 2023 Commons Chamber

[Greg Smith (Buckingham) (Con)]

T3.   I am hearing from a concerning number of small businesses in my constituency that they are slowing down as they approach the VAT threshold, rather than doing what the whole economy needs them to do and going for growth. Ahead of the spring Budget, will my right hon. Friend look at substantially shifting the VAT threshold upwards?

[The Financial Secretary to the Treasury (Nigel Huddleston)]

My hon. Friend is a great advocate for small businesses. The Government recognise that accounting for VAT can be a burden on businesses, but that is why, at £85,000, the UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD, keeping the majority of UK businesses out of VAT altogether. In the 2022 autumn statement, it was announced that the VAT threshold would be maintained at its current level until 31 March 2026. As always, the Government keep taxes under review.

Oral Answers to Questions

Debate between Nigel Huddleston and Greg Smith

Thursday 29th June 2023 Commons Chamber

[Nigel Huddleston]

The hon. Gentleman will be well aware that food price inflation is not unique to the UK; it is a global phenomenon that we all face. Actually, food price inflation peaked at 19.2% in the EU and at 19.2% in the UK, so we are facing the same problems. However, we have provided more than £94 billion-worth of support precisely to help the most vulnerable in society.

[Greg Smith (Buckingham) (Con)]

There are many factors impacting food inflation, not least increasing global input costs, but surely the most important thing that my hon. Friend’s Department can do to shore up British agriculture and have a positive impact on food prices is to carry on, full speed ahead, getting the new trade deals that will see British first-class produce sold as a premium product worldwide.

[Nigel Huddleston]

My hon. Friend is absolutely correct. It is really important that we have support across the House for these important trade deals. They are good for the British economy, particularly good for British farmers, and good for prices in the UK. I hope, at some point, to see the Opposition parties supporting one of these important deals, which are transparently in the interests of British consumers in every nation and region of the United Kingdom.

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[Greg Smith (Buckingham) (Con)]

T4.   The Abraham accords have ushered in unparalleled opportunities by lowering trade barriers in the middle east, so how can my hon. Friend maximise the trade potential of the 2030 road map for UK-Israel bilateral relations by engaging with the wider region?

[Nigel Huddleston]

Through our road map, the UK and Israel reaffirmed the historical significance of the Abraham accords—which have the potential to bring about advancements to security, co-existence, peace and prosperity for the region—and our commitment to work together to deepen and expand those developments, building on the progress of the Negev summit in March 2022. Through the Britain-Israeli investment group, we will also combine UK and Israeli expertise to help solve regional technology and sustainability issues right across the world.

Oral Answers to Questions

Debate between Nigel Huddleston and Greg Smith

Thursday 9th February 2023 Commons Chamber

[Nigel Huddleston]

I know the hon. Member and some people are tempted to continue to fight the battles of the past, but this Government will be laser-focused on the future and future opportunities. We have the comprehensive and progressive agreement for trans-Pacific partnership and so many other opportunities around the world, and I think it would be good for all of us in this place to talk the British economy up, rather than talk it down.

[Greg Smith (Buckingham) (Con)]

2. What recent discussions she has had with her US counterpart on reducing market barriers at the state level in the US.

[The Minister of State, Department for Business and Trade (Nigel Huddleston)]

We are taking tangible steps to improve our trade relationship with our largest bilateral trading partner, the United States. We have already signed state-level memorandums of understanding with Indiana, and North and South Carolina, which we are using to address barriers and promote British business in priority areas such as procurement, renewable energy, automotive, and life sciences. Together, those states imported more than £3.3 billion of UK goods in 2021. In December, the previous Minister for Trade Policy met counterparts in California to discuss an MOU, and counterparts in Utah to advance our talks. We are also making progress with Oklahoma and Texas, alongside our regular engagement with states across the US.

[Greg Smith]

I welcome my hon. Friend’s answer, particularly the priority areas he outlined. However, from financial services to online shopping, digital trade is at the heart of doing business with our closest ally—the United States. Will my hon. Friend update the House on the progress made on removing barriers specific to such digital trade with individual states?

[Nigel Huddleston]

My hon. Friend is absolutely right to highlight the importance of the digital economy. We very much see digital trade as an excellent area to focus on, deepening ties between the US and the UK. As part of that, we are keen to explore where we might be able to facilitate co-operation and promote digital trade with the US at state level. Further, the US-UK trade dialogues in Baltimore and Aberdeen last year helped to identify a range of trade-related areas for the two countries to collaborate on, and we agreed to strengthen further our bilateral trade in a range of areas, including on digital trade.

--- Later in debate ---

[Nigel Huddleston]

We are progressing with the free trade agreement with Israel. We are excited about the opportunities it presents, in particular because of the focus on science, technology and innovation. I understand the point that the hon. Lady is raising. I think some of it cuts across other Departments, but I will write to her.

[Greg Smith (Buckingham) (Con)]

The global dairy market is forecast to be growing in the region of 2%, so can my hon. Friend outline what steps his Department is taking to ensure that our world-class British dairy products are at the front of the queue to benefit from that growth?

Events Research Programme

Debate between Nigel Huddleston and Greg Smith

Tuesday 22nd June 2021 Commons Chamber

[Nigel Huddleston]

Indeed, this is a hugely important sector up and down the country; it is a major employer and makes a major contribution to our economy. That is precisely why a variety of schemes, including the Government’s general support measures and the culture recovery fund, have been pivotal in helping the events sector. Importantly, we are also encouraging those in the supply chain to apply for the additional restriction grant, and we are encouraging councils up and down the country to be sympathetic to applications to that programme from events supply chain businesses.

[Greg Smith (Buckingham) (Con)]

The events research programme has been an invaluable lifeline for many flagship events. The British Grand Prix at Silverstone, due to be held between 15 and 18 July, is the UK’s largest annual sporting event, with more than 140,000 in attendance. It contributes more than £100 million to the local economy in my constituency and neighbouring areas, sitting in the heart of “motorsport valley”, supporting 40,000 UK jobs. Does my hon. Friend agree that it is essential that the Formula 1 British Grand Prix goes ahead as part of this programme, as a fully attended spectator event?

[Nigel Huddleston]

It does not surprise me at all that my hon. Friend raises this issue; we have had many conversations about the importance of the motorsport sector. We continue to work very closely with our partners in Formula 1 and elsewhere in Government to deliver this year’s Silverstone grand prix with as many fans as possible. Plans are progressing very well, the discussions are constructive, and we hope to be able to set out further details shortly.

Gambling and Lotteries

Debate between Nigel Huddleston and Greg Smith

Tuesday 8th December 2020 Commons Chamber

[Nigel Huddleston]

The hon. Gentleman is right to point out that the online harms legislation was a commitment. It is absolutely a commitment. I know that it gets support on both sides of the Chamber, and we will be hearing more in due course.

[Greg Smith (Buckingham) (Con)]

I very much welcome my hon. Friend’s statement as a vital step in bringing up to date the provisions of the Gambling Act 2005, but may I ask him for some reassurance about how any test of balance will be weighted so that prevention of harm can rightly take centre stage, while we ensure at the same time that the millions of people who gamble responsibly are not in some way stigmatised, and, as others have said, that activities are not driven underground?

[Nigel Huddleston]

I thank my hon. Friend for pointing out the absolute necessity in this review for a balanced, evidence-led approach. I assure him that we will strike the right balance between giving individuals the freedom to choose how they spend their own money, and protecting vulnerable people and their families from gambling-related harm. It is a balancing act, and we take that responsibility very seriously.