Blake Stephenson
Main Page: Blake Stephenson (Conservative - Mid Bedfordshire)Department Debates - View all Blake Stephenson's debates with the Northern Ireland Office
(3 days, 13 hours ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Joe Robertson (Isle of Wight East) (Con)
Blake Stephenson (Mid Bedfordshire) (Con)
The Secretary of State for Northern Ireland (Hilary Benn)
The Government are supporting Northern Ireland through the four city deals, the local innovation partnerships fund, an enhanced investment zone and greater economic stability. Economic activity in Northern Ireland increased by 2.9% over the year to quarter 3, and it has the lowest unemployment in the UK.
Hilary Benn
The figures are based on the assessment that there are particular requirements for the Scottish islands in terms of services, access to essential care and so on. That is why that exemption has been applied for Scotland. The impact of this measure on trade between GB and Northern Ireland will be very small in light of the overall costs of moving goods and transportation.
Blake Stephenson
While the rise in the agricultural property relief threshold to £2.5 million is a welcome step for farmers, does the Minister recognise the broader economic concern shared by the Ulster Farmers Union that inflation and steadily rising asset values will over time pull more family farms into inheritance tax liability, even when their real wealth and income may not increase?
Hilary Benn
As the hon. Member will be aware, the Government announced that the allowance for 100% rate relief will be increased from £1 million to £2.5 million. That means that a couple will now be able to pass on up to £5 million tax-free between them, on top of the existing allowances such as the nil-rate band. The president of the Ulster Farmers Union, William Irwin, welcomed the changes. In fact, he said:
“We are in a better position today than we were yesterday”.