Oral Answers to Questions

Debate between Sajid Javid and Christopher Pincher

Tuesday 2nd February 2016 Commons Chamber

[The Secretary of State for Business, Innovation and Skills and President of the Board of Trade (Sajid Javid)]

I was delighted to help launch the midlands engine prospectus in December, setting out our programme of action to deliver our long-term economic plan, which aims to add an extra £34 billion to the midlands economy by 2030.

[Christopher Pincher]

I am grateful to my right hon. Friend for his commitment. Excellent universities, a history of manufacturing and some world-class businesses make the midlands a great place to set up a business, but those businesses need to export more. Will he say what he is doing to help businesses—particularly manufacturing businesses, such as Invotec in my constituency—to do better business abroad?

[Sajid Javid]

In my hon. Friend’s constituency, UK Trade & Investment has provided support for some 250 businesses in the past years, including for companies such as Invotec, which have been given support to help export to India, Russia, Japan and other places. He will know that my noble Fried Lord Maude made a statement in the other place last week, which talked about the new whole-of-government approach to exports. My hon. Friend may also be interested to know that, later this year, I will lead the first-ever midlands business trade delegation overseas.

Oral Answers to Questions

Debate between Sajid Javid and Christopher Pincher

Thursday 26th February 2015 Commons Chamber

[Sajid Javid]

As my hon. Friend raises a specific issue, I will have to take a closer look at it. I am glad that she has written to the Competition and Markets Authority, but if this is a competition issue, it should be dealt with by the independent regulator. However, if there is more that she thinks I can do, I shall take a closer look.

[Christopher Pincher (Tamworth) (Con)]

4. What assessment he has made of the contribution of tourism to the economy.

--- Later in debate ---

[Sajid Javid]

I warmly welcome the report, which I shall study very closely. It is an important contribution to the future of the BBC, and all its suggestions, including the one the hon. Gentleman mentions, will be taken account of when the charter review process starts.

[Christopher Pincher (Tamworth) (Con)]

T5. Two weeks ago, Tamworth won growth funding to regenerate its town centre and build an enterprise and creative quarter. Will my hon. Friend say what more the Government can do to help our creative industries and allow Tamworth to take full advantage of this wonderful opportunity?

Oral Answers to Questions

Debate between Sajid Javid and Christopher Pincher

Tuesday 11th March 2014 Commons Chamber

[Sajid Javid]

The hon. Gentleman should put an end to the petty party politics and focus on the facts. He talks about the richest 1%, but the richest 1% are paying almost 30% of total income tax, which is the highest share ever. The richest 5% are paying almost 50% of total income tax. The only way this country will recover from Labour’s great recession is if we stick to our long-term economic plan, which is delivering for all.

[Christopher Pincher (Tamworth) (Con)]

Is not creating more jobs the best way to help the lowest paid? Of the 200 businesses I have polled in my constituency, 83% say that they are optimistic about the future and want to expand to create more jobs. Would not the best way to help them be to lower their taxation so that they can create those job opportunities?

[Sajid Javid]

Of course my hon. Friend is right; the best way for anyone to raise their living standards is through having an economy that creates more paid employment. That is why we should welcome the fact that more than 1.3 million jobs have been added to our economy over the past four years.

Oral Answers to Questions

Debate between Sajid Javid and Christopher Pincher

Tuesday 10th December 2013 Commons Chamber

[Sajid Javid]

I am not going to take any lectures from the Labour party on bankers’ bonuses. Under Labour, bankers’ bonuses went up fivefold and peaked at £11.5 billion in 2007-08. At the very same time, the Labour Government were using taxpayers’ money to carry out the world’s biggest banking bail-out. Last year, the bonuses were down 85%.

[Christopher Pincher (Tamworth) (Con)]

Given what Robert Peston has described as the “stupendous mismanagement” of the Co-operative bank, which has exposed creditors to huge losses, does the Financial Secretary agree that no bonuses should be paid at that bank, and that anybody who has received bonuses or benefits from it should consider paying them back?

[Sajid Javid]

I agree with my hon. Friend. I understand that the Co-op bank has made donations to at least three members of the shadow Treasury team. It has been reported that the shadow Chancellor used his £50,000 donation from the Co-op group last year to hire a speaker—

Fuel Duty

Debate between Sajid Javid and Christopher Pincher

Monday 12th November 2012 Commons Chamber

[Sajid Javid]

The motion mentions tax avoidance—he really should read his own party’s motion. The number of HMRC employees went down from 96,000 to 66,000 under his Government.

Labour Members had 13 years to clamp down more widely on tax avoidance. They had 13 years to do what they are calling for today. Did they take that chance? No. There were 13 years of inaction, and a consultation gathering dust in the Treasury archives. Even then, their figures simply do not add up. They claim that clamping down on this tax relief would bring in £650 million, but figures released while they were in power show it would bring in significantly less. If they ever want to regain credibility on the economy, they need to apologise for the mess in which they left the economy and learn to stop making irresponsible, unfunded promises.

[Christopher Pincher (Tamworth) (Con)]

Only the deluded or those who want to avoid tax will oppose the closing of tax loopholes. Many people have criticised some companies for avoiding tax, but a company called Stemcor pays only £163,000 from the £65 million of profits it makes each year—about 0.1% of its revenues. If companies are to be criticised, should not Stemcor be criticised?

[Sajid Javid]

I thank my hon. Friend for that point. It would not be appropriate for me to talk about any individual company, but he makes a good point. Any company that is engaged in aggressive tax avoidance needs to explain itself.

Tax avoidance ran rife under Labour. We have taken action. We are investing £900 million to tackle tax avoidance and evasion, which will deliver £7 billion a year by 2014. We have already signed a groundbreaking agreement with Switzerland to make it much more difficult to evade tax. In March this year, HMRC closed a business property loss scheme within a week of its disclosure. At the G20, the Chancellor and his German counterpart announced concerted co-operation to close gaps in international standards and to crack down on international tax avoidance. Labour's former City Minister, Lord Myners, was on the radio only this morning welcoming this progress.

Underpinning all this progress, we are introducing a general anti-abuse rule so that no one can follow the letter of the law but abuse the spirit and get away with it—something else on which the Labour party never delivered. This is what real action on tax avoidance looks like.