UK-China Economic and Financial Dialogue
Brian Leishman Excerpts(1 year, 8 months ago)
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Rachel Reeves
There has been global volatility in markets. It is not reasonable to suggest that bond yields in the United States, Germany and France have risen because of decisions made by this Government. I think the hon. Member should just get real.
Brian Leishman (Alloa and Grangemouth) (Lab)
I thank the Chancellor for her statement. In regard to raising money for public services, an annual wealth tax on the multimillionaire and billionaire class would certainly achieve that. However, that is a conversation for another day—on to China. My right hon. Friend and I have had discussions regarding the closure of the Grangemouth refinery, in which PetroChina—part of the Chinese state-owned China National Petroleum Corporation—is heavily involved. If the refinery closes, thousands of jobs will be lost. This is not just a constituency issue for me. It will impact all of Scotland, as our fuel and national security will be severely weakened. Did the Chancellor speak about the issue with her Chinese counterparts, and if not, will she do so?
Rachel Reeves
We are working closely with the Scottish Government to ensure that there is a bright future for the people of Grangemouth, because deindustrialisation should not be the future for communities, including in Scotland.
Oral Answers to Questions
Brian Leishman Excerpts(1 year, 9 months ago)
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Rachel Reeves
We have published the detail of how that money is raised, but the numbers from His Majesty’s Revenue and Customs are very clear: only a quarter of estates will pay any additional tax. At the moment, the vast majority of agricultural property relief is enjoyed by a very small number of very large and very expensive estates. That is not affordable, and it will not continue.
Brian Leishman (Alloa and Grangemouth) (Lab)
I declare an interest: I am a member of Unite the Union. The Grangemouth refinery costs £100 million a year to run, and its economic contribution to Scotland exceeds £400 million per annum. Unite has a credible plan to save the refinery and prevent thousands of job losses. Will the Treasury consider the plan, and meet me, Unite and the refinery owners to discuss its viability and Government intervention for the public good?
Rachel Reeves
I am happy to arrange a meeting between my hon. Friend and the relevant Minister.