Treasury
Debate between Rebecca Long Bailey and Nigel Huddleston(9 months ago)
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Rebecca Long Bailey (Salford and Eccles) (Lab)
The Financial Secretary to the Treasury (Nigel Huddleston)
Eighty-five per cent of the funds recovered from the loan charge so far—about £3.9 billion in total —have come from the employees, therefore those who were running those schemes, so the hon. Lady is mischaracterising where we have gone so far. There has been one criminal conviction so far; others are in place. I repeat what I said to the Opposition spokesman, the hon. Member for Ealing North (James Murray), earlier: if they were that concerned about ensuring we go after the wrongdoers, they would have voted with us last night in the Finance Bill.
[Official Report, 6 February 2024, Vol. 745, c. 117.]
Letter of correction from the Financial Secretary to the Treasury, the hon. Member for Mid Worcestershire (Nigel Huddleston) :
Errors have been identified in the response I gave to the hon. Member for Salford and Eccles (Rebecca Long Bailey).
The correct response should have been:
Oral Answers to Questions
Debate between Rebecca Long Bailey and Nigel Huddleston(9 months, 3 weeks ago)
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Rebecca Long Bailey (Salford and Eccles) (Lab)
The Financial Secretary to the Treasury (Nigel Huddleston)
Eighty-five per cent of the funds recovered from the loan charge so far—about £3.9 billion in total—have come from the employees, therefore those who were running those schemes, so the hon. Lady is mischaracterising where we have gone so far. There has been one criminal conviction so far; others are in place. I repeat what I said to the Opposition spokesman, the hon. Member for Ealing North (James Murray), earlier: if they were that concerned about ensuring we go after the wrongdoers, they would have voted with us last night in the Finance Bill.
Budget Resolutions
Debate between Rebecca Long Bailey and Nigel HuddlestonTuesday 28th November 2017
(6 years, 12 months ago)
Commons ChamberRead Full debate Finance Act 2018 View all Finance Act 2018 Debates Read Hansard Text Read Debate Ministerial Extracts
Rebecca Long Bailey
I thank my hon. Friend for her comments. The Government’s proposals on unlocking access to finance for business lack ambition and fail to recognise the impediments many businesses face when attempting to access finance. Indeed, Craig Berry, a member of the Industrial Strategy Commission, has said:
“the plan for unlocking private investment is under-cooked and, frankly, pitiful.”
Furthermore, the proposed sector deals appear very narrow and the strategy as a whole will do nothing to help the millions who work in retail, hospitality, care and other large low-wage, low-productivity sectors. A large proportion of those people are women, but, as we know, the Government do not have the best record when it comes to supporting women in the economy. [Interruption.] If I were a Conservative Member, I would listen to this, because these are the stark statistics: men are expected to receive 46% more of the funding from this Budget than women; and the Budget made no impact on the shocking fact that 86% of tax and benefit changes since 2010 have come at the expense of women, according to Labour and House of Commons Library research. That is scandalous.
Rebecca Long Bailey
I will make some progress. Key to improving productivity and living standards is not just supporting those sectors we know we have strengths in and the ability to generate high returns, but using our endeavours to transform what have been traditionally viewed as low productivity sectors and make sure that they become the leading sectors of the future.
Briefly, while we are on employment, let me say that I am shocked to see the Government lauding the fact that some workers do not have adequate employment or trade union rights as some kind of competitive advantage. Celebrating the flexibility of our labour force when their recent Taylor review clearly highlighted the imbalance of flexibility between employer and employee in many workplaces seemed a little bizarre when I came across it in the White Paper. True two-way flexibility, where employees can indeed choose it to improve their lifestyle, rather than have flexibility imposed upon them because there is no choice, should be celebrated, but we cannot celebrate these rare examples at the expense of providing workplace security and enabling workers to make a valuable contribution to the running of a firm, which in turn helps improve productivity. This is why strengthening trade union rights and the ability of people to join trade unions is an important way to boost productivity, and it should be central to any industrial strategy. The White Paper does not even mention trade unions—why is that?
I turn now to the final foundation: places. The Government will agree local strategies, create a transforming cities fund and pilot a teacher development premium
“for teachers working in areas that have fallen behind”.
I am afraid we have heard all this before. The northern powerhouse, one of the Chancellor’s flagship policies to transform northern cities, is not delivering, as I outlined earlier. Without a substantial increase to level up regional investment, as Labour called on the Chancellor to do in the Budget, the local industrial strategies will simply fail. I am afraid the policies that the Government have identified as key to the industrial strategy are simply not going to deliver the scale of change needed to turn the economy around.
I am coming to the end of my remarks, but I wish briefly to say something about the Government’s grand challenges. I am pleased that they have chosen to talk about grand challenges, as that mirrors the Labour party policy of advocating missions to deal with the big issues of our time. One of the Government’s four grand challenges is to
“maximise the advantages for UK industry of the global shift to clean growth”.
That is simply laughable in the context of their track record on supporting green energy, and especially so given that last week’s Budget essentially closed down support for much low-carbon development in the UK. There will be no new low-carbon electricity levies until 2025, with no alternative funding outlined. Nor was there any support for, or indeed any mention of, specific renewable projects such as the Swansea tidal lagoon. There is a huge contradiction between the Government’s rhetoric on clean growth and the reality of their policies.
There are some moments in history that can have a lasting impact for years and decades to come. What we do at such moments will determine not only our future but the future of our children. The 2008 recession and its aftermath was one of those moments, but the Government’s austerity policies and the reduction of investment have done lasting damage to the UK economy. Today, we are again at one of those critical moments. We are about to leave the European Union—a critical point in this country’s history that will shape our economy long into the future. Although this week’s industrial strategy might have contained the right rhetoric, without the investment and detail to match, prospects for productivity growth are considerably bleak.
A few weeks ago, I opened a food bank in my constituency. I usually love going to ribbon-cutting opportunities, as they are a chance to celebrate the great things that happen in my city, but on that day I felt nothing but shame—shame that in one of the world’s richest economies in the world, one of the world’s leading industrial nations, with the greatest minds and businesses of our time, we have built an economy that has simply squandered that greatness and that forces even those in work to rely on charity just to get by. This is not the Britain of the future and it is not the Britain that I want to create, so it is time the Government woke up and halted the greatest act of recklessness in a generation.