Oral Answers to Questions

Debate between Sandy Martin and Mel Stride

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?