Tax: Changes
Debate between Lord Lilley and Lord Livermore(1 week, 3 days ago)
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Lord Livermore (Lab)
I agree with my noble friend that it is important to look at inequality right across the tax system and across our society. This Government are of course committed to reducing that through measures such as the minimum wage increases we have seen recently. Of course, successful businesses and entrepreneurs who create jobs and wealth are the engine of economic growth in our society. We will support them to succeed while ensuring that the wealthiest pay their fair share towards the public finances.
Lord Lilley (Con)
My Lords, are the Government trying to prove the truth of the law first articulated by the late lamented Lord Harris of High Cross that punitive taxes on the rich do not redistribute income but redistribute people, to the immense loss of the Treasury in this country?
Lord Livermore (Lab)
No, we are not. The UK’s main rate of capital gains tax is lower than in any other European G7 country, as is our corporation tax rate. Our new residence-based regime is simpler and more attractive to new arrivals than the non-dom regime it replaces—the regime put in place by the party the noble Lord supported for 14 years.
Basel 3.1
Debate between Lord Lilley and Lord Livermore(1 month ago)
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Lord Livermore (Lab)
I am grateful to the noble Baroness for her comments. I wish her and the whole House a happy Easter as well.
I continue not to agree with her on Basel 3.1’s impact. Basel 3.1 is an update to the Basel III regulatory framework, aimed at further strengthening bank capital requirements and risk management by refining the calculation of risk-weighted assets and enhancing transparency. I am not sure it is about what she is saying it is.
Lord Lilley (Con)
In the pre-Easter spirit, I offer the Minister a point where he is likely to agree with me for once. He could have reminded the Liberal Democrats that, had we followed their advice of rejoining the customs union, we would face twice the level of Trump tariffs we currently face and have no prospect of negotiating a free trade deal with the United States. I am glad that he is exploiting the Brexit benefits.
Lord Livermore (Lab)
If the noble Lord makes that claim, then we are going to have to see his working, because I am not sure he is including the permanent 4% reduction in GDP from his Brexit deal.