Business of the House

Barry Sheerman Excerpts

Thursday 7th February 2013 Commons Chamber

[Mr Lansley]

My hon. Friend will understand that the level of tax must be set in a way that optimises revenue while minimising the adverse impact on economic performance. That is a constant effort on the part of the Treasury, and it is one reason—this is not specifically related to air passenger duty—why reducing the top rate of tax to 45p makes good economic sense as well as revenue sense. That has been done in the context of completely understanding, as the Institute for Fiscal Studies has agreed in its analysis, that following the Government’s tax changes the wealthiest 10% are making the greatest contribution to meeting our requirement for fiscal consolidation.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

I make no apology for raising this matter as a business question—I tried to raise it at Prime Minister’s questions and during topical questions today, and I arrived early on both occasions. The Leader of the House has said how passionate he is about global capitalism and free markets, but media ownership is a different question. We have had no statement, and I think we should have a statement or a debate, on the fact that Virgin Media might be taken over by an eccentric American oligarch. That means that two major American companies, led by rather strange characters, will own our media empire. When will we have a statement about that threat to our media?

[Mr Lansley]

The hon. Gentleman shares my belief that if we are to be competent and create wealth, we must be prepared to understand that we do so in a global marketplace and there are capital and investment consequences from which we will benefit. But he should not confuse that with a belief that competition and rigorous competition authorities are essential to make that happen. I will take no lessons in relation to that because as a Back Bencher I wrote, together with the noble Lord Puttnam, the provisions that were put into the Communications Bill to apply a public interest test to media mergers.