Shabana Mahmood
Main Page: Shabana Mahmood (Labour - Birmingham Ladywood)Department Debates - View all Shabana Mahmood's debates with the HM Treasury
(8 years, 8 months ago)
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Shabana Mahmood (Birmingham, Ladywood) (Lab)
Given that the Chancellor has been warning us all about the so-called global cocktail of risks, and given that we learned from the Budget statement that our growth forecasts are down, as are those for our productivity, which is fast reaching crisis point, what possible justification can the Minister offer, considering all the other changes that have already been made to the Budget, for retaining the substantial cut to capital gains tax, which disproportionately benefits the better off and is simply a cut that, at this point, we do not need?
Mr Gauke
One of the important challenges that we face is improving productivity in this country. If we want to improve productivity, we want more investment. If we want more investment, we do not want high rates of tax that discourage investment. May I point out that in terms of capital gains tax, the rate is still higher than the one we inherited in 2010?