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Treasury

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Treasury
#41
(03-28-2018, 10:18 AM)Elizabeth Atwood Wrote: Madame Speaker

The Chancellor tells us this Government values the opinions of individuals elected to this House. Perhaps he could tell that to the Prime Minister who brought the Supreme Court Act before the House which attempted to introduce draconian new powers to remove members of the judiciary who do not show "good behaviour", and he repeatedly refused to amend the Bill when members on this side of the House raised repeated concerns. When we raised concerns about his power grab under the Act and put forward an amendment, he ignored those concerns.

I am glad the Chancellor does not think there is a problem with using sterling. The patriotic choice, Madame Speaker, is preserving the sovereignty of this parliament and not closer integration and surrender of monetary policy to the EU, which joining the Euro would include. The Chancellor will recall that the independent analysis raised certain concerns around mortgages in the UK if we were to join the Euro. Can the Chancellor confirm that the full details of the review he has requested to be conducted on this issue will be published before the referendum is held?

Madame Speaker,

There will be a full and frank discussion and debate of the facts within the context of the referendum debate.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
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#42
Madame Speaker, 

The Chancellor will be well aware that was not an answer to the question. I repeat, will the Government publish the findings of its review in respect of the impact of joining the Euro on fixed rate mortgages in the UK before the referendum?
Member of the Conservative and Unionist Party
Deputy Leader of the Conservative Party (2001 - Present)
Shadow Chancellor of the Exchequer (2001 - Present)
Member of Parliament for Beverley and Holderness (1997 - Present)
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#43
Madame Speaker,

I have already answered the Honourable Lady's question, there will be a full and frank discussion and debate of the facts within the context of the referendum debate.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
Reply
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#44
Madame Speaker,

The Chancellor appears to be retreating from his earlier position with respect to the Government's commitment in this area, perhaps because it does not have a good story to tell.

At the time he joyously backed the Euro and told this House the five tests had been met, he said the following on the Government review into the potential impact on fixed rate mortgages:

"The Government is, thanks to this report, more than aware of the prevalence of fixed rate mortgages in this country compared to the rest of the continent and has already begun drawing up plans to correct this small issue, such plans shall be laid out in detail around the time of the Referendum"

Now he says that we will hear nothing from this government until the referendum debate. Given that he himself has acknowledged that the Euro could be a shock to the property market, does he not think it right to allay homeowners' concerns as soon as possible by publishing the Government's plans in this regard?
Member of the Conservative and Unionist Party
Deputy Leader of the Conservative Party (2001 - Present)
Shadow Chancellor of the Exchequer (2001 - Present)
Member of Parliament for Beverley and Holderness (1997 - Present)
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#45
Madame Speaker,

As I have already said in this House, plans are being drawn up and consultations to solve the complex issue of mortgages are ongoing, given that I have addressed this question in a Ministerial Statement debate and two questions before now I would urge the Honourable Lady to actually ask a new question rather than wasting the House's time asking the same question repeatedly. The fact of the matter is that there will be a full and frank discussion and debate of the facts within the context of the referendum debate.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
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#46
Madam Speaker,

Can the Chancellor explain why he feels that doctors should be in the 10% that won't be getting a tax cut?
MP For Hexham 1997 -
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#47
Madame Speaker,

This Government believes that those in the top 10% of earners, earning more than three times the national average, should pay more as we move the burden of taxation away from the poorest in our society and towards the richest. This not only includes Doctors, it includes bankers, executives and politicians. This budget will see me pay more of my income in taxation than I have ever done before, so the party opposite really needs to stop playing the "us and them" game and get on with a more productive line of questioning.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
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#48
Madam Speaker,

I wasn't asking about bankers and politicians. Can the Chancellor explain, how, under his proposals, our doctors are being now referred to as super-rich?
MP For Hexham 1997 -
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#49
Madame Speaker,

The Honourable Gentleman can continue to play "us and them", "divide and conquer" and all the other games he wants to, the fact of the matter is that this budget has exposed the Conservative Party for the people they really are, more concerned about the top 10% of the population than the bottom 90% of the population. The party opposite saw a 4% increase in welfare, nearly double the rate of inflation, and called it an attack because they can't think of anything else to say. This budget will see those with more pay more and those with less pay less.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
Reply
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#50
Madame Speaker

Can the Chancellor tell the House if he has consulted with the civil service on whether a 10% increase in the higher rate of income tax will lead to reduced revenues from the tax for the Treasury?
Member of the Conservative and Unionist Party
Deputy Leader of the Conservative Party (2001 - Present)
Shadow Chancellor of the Exchequer (2001 - Present)
Member of Parliament for Beverley and Holderness (1997 - Present)
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#51
Madame Speaker,

The entirety of the tax plan was consulted upon with the Treasury, indeed two draft plans were produced to see which would offer better results for the working and middle classes in this country let down by the Opposition's tax giveaway to the top 10% and big oil.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
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#52
Madame Speaker

Can the Chancellor conform to the House whether he received any advice to suggest that revenue from income tax will decrease as a result of his 10% tax hike - yes or no?
Member of the Conservative and Unionist Party
Deputy Leader of the Conservative Party (2001 - Present)
Shadow Chancellor of the Exchequer (2001 - Present)
Member of Parliament for Beverley and Holderness (1997 - Present)
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#53
Madame Speaker,

I trust that the Honourable Lady is capable of both reading and hearing? The Civil Service was consulted on the entire income tax plan, twice, it provided two analyses. The changes to the Higher Rate of tax is forecast to provide us with an extra £12bn in revenue this year, these forecasts are public knowledge and available for all to see in the Budget itself.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
Reply
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#54
Madam Speaker,

With unemployment forecast to rise for the rest of the year, why does the Chancellor believe it is wise to both increase the National Insurance contributions rate for employers and to take such an indifferent approach to corporation tax? Would the Chancellor agree with me that this will simply hurt UK businesses, not help them?
David Crawford MP 

MP for Reading West 1997 -
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#55
Madame Speaker,

I believe that this is an incredibly obtuse and one dimensional way of looking at the problem of unemployment. Our temporary rise in unemployment was not caused by business taxes and will not be substantially deepened by business taxes, it was caused by exogenous conditions completely separate to our own economy, namely the attack on the World Trade Centre and the Dot Com Bubble Burst. To deal with the sorts of issues this sort of unemployment brings requires more than a simple wave of the tax cutting scissors, it requires the economic conditions to allow the right sort of employment opportunities into the country. To ready the British people for these opportunities the Government decided to increase spending on adult retraining, we decided to increase spending on education for our young people, and we decided to increase spending on skills. It is only be creating the workforce of tomorrow that we will be able to combat the unemployment of tomorrow and today too for that matter. The party opposite may have spent their Budget taking the easy way out, looking for policies that look good on a billboard, the Labour Party are committed to dealing with the core problems facing British society instead.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
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#56
Madame Speaker

The Institute of Directors has today said that increasing income tax can actually lead to reduced revenues. Does the Chancellor agree?
Member of the Conservative and Unionist Party
Deputy Leader of the Conservative Party (2001 - Present)
Shadow Chancellor of the Exchequer (2001 - Present)
Member of Parliament for Beverley and Holderness (1997 - Present)
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#57
Madame Speaker.

Any economist worth their salt has heard of the Laffer Curve, the relationship between the rate of taxation and the revenue generated by such taxation. The curve does form a shape akin to a "u" that has been overturned indicating that yes, raising tax can lead to reduced revenue. However the Honourable Lady's question is actually fundamentally misleading, the economic consensus suggests that the revenue maximising level of taxation is a top rate of between 65% and 70%, this research has been established for many years thanks to the work of the New Palgrave Dictionary of Economics (70%) and the economist Paul Pecorino (65%). The 70% figure is further corroborated in the Journal of Political Economy. This Government may have raised Income Tax on the top 10%, but speaking theoretically we have not reached the ceiling at which point it begins to yield less revenue. Madame Speaker, before the Honourable Lady gets too excited, I can confirm that there are no plans currently to raise the top rate of Income Tax beyond 50%.
Alwyn Thomas

Labour MP for Newport West
Chancellor of the Exchequer (2001-????)
Minister for Housing (2001-????)
Chief Whip (2001-????)

Secretary of State for Foreign and Commonwealth Affairs (2000-2001)
Minister of State for International Development (2000)
Reply
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