Oral Answers to Questions

Tony Lloyd Excerpts
Monday 12th March 2018

(6 years ago)

Commons Chamber
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Dominic Raab Portrait Dominic Raab
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It is good news that Help to Buy has helped more homes to get built. It has contributed to about 14% of new build since 2015. I personally share some of the hon. Gentleman’s concerns about executive pay, but I gently remind him that it was this Government who introduced the corporate governance reforms in August, including to make sure that there is greater transparency and greater shareholder grip over directors’ pay.

Tony Lloyd Portrait Tony Lloyd (Rochdale) (Lab)
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The Minister will know that some 10% of those on the Help to Buy scheme earn over £80,000 a year. Even in London, they are people who can afford to buy without this taxpayer subsidy. In the light of the Secretary of State’s earlier comments about responsibility to the taxpayer, will he contrast the poorest homeowners who will lose help with mortgage interest with these heavily subsidised, well-off people up and down the country?

Dominic Raab Portrait Dominic Raab
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I think that some factual clarification would help the hon. Gentleman, because four out of five of those benefiting from Help to Buy have been first-time buyers, and three out of five households benefiting from Help to Buy had combined incomes of £50,000 or less. We are on their side; it is a shame that Labour is not.