Business of the House

Robbie Moore Excerpts

Thursday 19th December 2024 Commons Chamber

[Lucy Powell]

I will be joining my hon. Friend in the mad dash for last-minute Christmas presents this weekend—I am hoping to get some that cost £10 or less, which is quite difficult in the current climate. I absolutely join her in supporting local businesses in her constituency. Maybe I could try a few Christmas puns, Mr Speaker. There is “noel” time like the present to shop in Bangor.

[Robbie Moore (Keighley and Ilkley) (Con)]

Many businesses will be severely negatively impacted by the Government’s announcement on changes to inheritance tax through business property relief. Those in the hospitality sector, such as hoteliers and breweries, and even the manufacturing, engineering and tech businesses in my constituency, have contacted me with their deep concerns about the effect the changes will have on their businesses. Is the Leader of the House aware of any economic analysis or modelling done by the Government specifically on the negative impact they will have? I see that the Secretary of State for Business and Trade is sitting next to her on the Treasury Bench. Was he, or even the Chancellor, aware of the negative impact of the measures in the Budget on those particular businesses?

[Lucy Powell]

We fully support family businesses and other businesses, which are vital to our economy. We had to take some very difficult decisions in the Budget to deal with the really severe legacy we were left, which was, I am afraid, a chronic big black hole in economic spending. We had to find ways to ensure that our public services had the investment they needed going forward. He will be aware that when we take into account all the other factors, including personal allowances and so on, fewer family businesses will be affected than the hon. Gentleman might think.