Budget Resolutions and Economic Situation

Robert Neill Excerpts

Monday 8th March 2021 Commons Chamber

[Sir Robert Neill (Bromley and Chislehurst) (Con) [V]]

The exceptional circumstances of the pandemic require exceptional budgetary and financial responses, and I congratulate the Chancellor on having broadly got a balanced and very valuable package together to get the economy back on track. Of course, the best way to get the economy back on track will be to work swiftly to reopen businesses as soon as it is safely possible to do so. Meanwhile the support being given is welcome and necessary.

I particularly want to welcome the support given to the cultural sector, both in previous rounds and in the current round in the Budget. That has helped theatres like the Churchill in Bromley in my constituency and many of our other key arts organisations. But if there is one thing I would urge the Chancellor and the Secretary of State to look at doing further it is to give support not just to institutions but to individuals, and that has already been referred to.

The vast bulk of performers in theatre and the creative sector are freelancers; most of them are self-employed, mainly through limited companies, and I endorse the comments made by other Members about the need to look again at the treatment they receive. Also, the continuation of self-employed support is welcome. Round 4 is very necessary, but I hope that Ministers can look at one practical issue. While it is good that new entrants will now be able to get involved with the 2019-20 tax return and get support, there is real concern that some applicants will have to wait until mid to late April before they can apply for the next, fourth, self-employment income support scheme round. Given that the last payment from round 3 was in December, people will have gone for some four months in effect without any income. I hope we can address that. This is particularly important for young performers and artists at the beginning of their careers; we need to nurture them and keep them in the sector so that we have the stars of the future.

The other area that needs continual attention is financial services. It is the jewel in the crown of our economy, and it did not get enough attention in the deal with the European Union. I hope we can return to that. We should address three areas in particular. First, we must stress the centrality of financial services to future trade deals and liberalisation in that sector. Secondly, we must make sure that our regulatory system is updated and fleet of foot to deal with emerging sectors and developments. I hope the Government will move swiftly to implement, for example, the recommendations of Lord Hill’s report on UK listings to capture firms in those emerging sectors on UK markets. And, finally, the Government must also consider the Kalifa review on FinTech. Both of those are important, indeed critical, for our long-term economic wellbeing.