Oral Answers to Questions

Debate between Nigel Huddleston and Jacob Rees-Mogg

Tuesday 7th May 2024 Commons Chamber

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

I have to say that I find this hypocrisy astounding. First, if the Opposition objected to the national insurance cuts, why did the Leader of the Opposition say that he supported them? If the Opposition are so keen on abolishing tax dodging, why did they not support our Finance Bill, which had measures in place to do just that? They did not support it; they abstained on it.

[Sir Jacob Rees-Mogg (North East Somerset) (Con)]

The Bank of England has said that quantitative tightening is not an official part of its monetary policy targeting, yet it is at risk of costing, fiscally, £179 billion in losses underwritten by the Treasury. That is having a major effect on the fiscal situation of the country. Will His Majesty’s Government encourage the Bank of England to hold these bonds to maturity, taking the carry cost rather than taking the hit from selling them in the market and crystallising an enormous loss?

Loan Charge

Debate between Nigel Huddleston and Jacob Rees-Mogg

Thursday 18th January 2024 Commons Chamber

[Nigel Huddleston]

I will take a couple more interventions, but I fear that colleagues will ask about the very things I am about to come to, so I may then resist further interventions.

[Sir Jacob Rees-Mogg]

My hon. Friend refers to the 2017 Supreme Court judgment. As I understand it, that judgment decided that responsibility for the use of an employee benefit trust for tax fell unequivocally on the employer, so it does not necessarily support him in the way he may think.

[Nigel Huddleston]

There has been debate and disagreement on that, particularly as it relates to section 44 of the Income Tax (Earnings and Pensions) Act 2003 and so on. HMRC has outlined the policy stance on this. Although I understand that there is disagreement, the line is quite clear at the moment.