Oral Answers to Questions

Sandy Martin Excerpts

Tuesday 11th December 2018 Commons Chamber

[Mel Stride]

I entirely agree with my right hon. Friend about the importance of low taxes. Under this Government, corporation tax has been reduced from 28% to 19% and will be further reduced to 17%; and through the increase in the personal allowance that was announced in the Budget, we have taken about 4 million of the lowest-paid out of tax altogether. As for my right hon. Friend’s specific point about aligning national insurance and income tax, that is a very complex thing to do. There would be a considerable number of losers, as well as some gainers. However, the Office of Tax Simplification has looked into it in the past, and we will keep it under review.

[Sandy Martin (Ipswich) (Lab)]

T3. Given this country’s £5.9 billion net trading surplus with the EU in insurance, will the Chancellor take the opportunity of the demise of the withdrawal agreement to make financial services a part of the Prime Minister’s next attempt at a Brexit deal?

[The Economic Secretary to the Treasury (John Glen)]

The City is very content with the deal we have on financial services, under which we would seek and secure enhanced equivalence decisions six months before the end of the implementation period, and the degree of dialogue with and support from the City has been constant throughout.