Imran Hussain debates involving HM Treasury during the 2019 Parliament

Oral Answers to Questions

Imran Hussain Excerpts
Tuesday 6th February 2024

(2 months, 3 weeks ago)

Commons Chamber
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Gareth Davies Portrait Gareth Davies
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The energy security investment mechanism was designed, as my hon. Friend points out, to give more certainty not only to the oil and gas sector, but to investors, ensuring that the energy profits levy is disapplied when prices return to historically normal levels. To provide additional certainty, on the back of urging from him and the industry, we have agreed to legislate for ESIM and will be announcing that shortly.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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Regardless of what the Chancellor tells us, the reality remains that people in Bradford are worse off after 14 years of this Government. Healthcare, GPs and dentists are less accessible, homes are more expensive, colder and riddled with mould, jobs are less secure and badly paid, with stagnating wages, and household savings have been wiped out by rising food, water, energy and fuel bills. Ahead of the last Budget he will deliver before the general election, will the Chancellor apologise for 14 years of disaster that have devastated our communities?

Jeremy Hunt Portrait Jeremy Hunt
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Let me tell the hon. Gentleman some positive messages he can take home to his constituents in Bradford: violent crime and burglaries have been halved, school standards are up, the NHS has more doctors and nurses than ever in history and real after-tax income for people on the minimum wage or national living wage is up by 30% if they are working full time.

Autumn Statement

Imran Hussain Excerpts
Wednesday 22nd November 2023

(5 months, 1 week ago)

Commons Chamber
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Jeremy Hunt Portrait Jeremy Hunt
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My understanding is that this will apply to Wales in exactly the same way as it applies to the rest of the UK. As for how we do this, we need to work out the most sensible, proportionate and balanced way of solving the problem of having to double our electricity generation between now and 2050. We are going to have to do things differently as a result.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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We are in the worst cost of living crisis that we have ever seen. The key takeaway from the just four measures the Chancellor announced to tackle the crisis is not investing in deprived communities, ensuring the richest pay their fair share or spreading economic growth across the whole country, but a commitment to stop a pint getting more expensive. Just what is that supposed to do for my constituents, who face crippling mortgage payments, who are paying 30% more for food, whose wages are stagnating and whose homes have been unaffordable to heat?

Jeremy Hunt Portrait Jeremy Hunt
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I think the hon. Gentleman has looked at the statement selectively, because our support for people struggling with cost of living pressures has risen, as a result of my decisions, to £104 billion. Let me just go through this: pensioners are going to get an increase next year that is three times the rate of inflation; people on benefits are going to get an increase in their benefits that is double inflation; people who are renting and on low incomes are going to see an £800 increase, on average, through the local housing allowance; and anyone on the lowest legally payable wage, where they are working full-time, could see an extra £1,800 from increases in the national living wage.

Mortgage and Rental Costs

Imran Hussain Excerpts
Tuesday 27th June 2023

(10 months, 1 week ago)

Commons Chamber
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Rachel Reeves Portrait Rachel Reeves
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The hon. Gentleman speaks powerfully and I recognise those stories of people seeing their mortgages double because of what is happening. I will come on to the solutions proposed by the Labour party, but it is important that money is not injected into the economy at this time. If that happened, interest rates would go up even more, crippling the hopes and opportunities of exactly those we want to help. I will come on to the solutions that we propose shortly.

Over the next few years, 7.5 million families will be hit by the Tory mortgage bombshell, month after month after month. That is why it is essential that greater mortgage flexibility and support from lenders must be mandatory, not voluntary as the Government have put forward.

Consumer champion Martin Lewis warned the Government about mortgage market issues last year, and he now says “the timebomb has exploded”, yet under the Government’s scheme, 1 million households are missing out. What is the Government’s response to them? Tough? It is up to the discretion and the goodwill of their lender? That is not good enough.

Although it is welcome, as I said, that many lenders are stepping up and doing the right thing, the scheme cannot be voluntary. That is why, when Labour set out our mortgage package last week, we made sure that that would be compulsory, across the board, and required of lenders. That is right: required of lenders. Without that clarity and confidence, families are rightly anxious about what comes next and how it will affect them.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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My hon. Friend is making an excellent speech, highlighting the real situation facing many of our constituents as we sit here today. In my constituency, 9,000 families will see a mortgage increase of up to £1,400, on top of struggling to put bread and butter on the table and keep up with energy costs. All we hear from the Prime Minister is that they should hold their nerve. Frankly, that is rich coming from somebody who is never going to be in that position. Does my hon. Friend agree with me that rather than finding solutions, what this Tory Government and the Prime Minister are demonstrating is that they are completely out of touch with people’s real problems today?

Rachel Reeves Portrait Rachel Reeves
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My hon. Friend speaks powerfully on behalf of the people of Bradford East, a constituency that I know well and that I know will be badly affected, not just by the Tory mortgage bombshell but by the cost of living increases as well.

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John Glen Portrait John Glen
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I am here to account for what has happened in the UK. Obviously, there are differences—[Interruption.] If I may answer. There are differences across the EU and the US. What I am telling the House, which is quite transparently clear, is that inflationary pressures are affecting all economies at the moment, and it is my responsibility to account for what we are doing as a Government.

Imran Hussain Portrait Imran Hussain
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Will the Minister give way?

John Glen Portrait John Glen
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I wish to make more progress.

Where there are non-inflationary measures that we can take to relieve the anxiety faced by families, we will do so and we will do everything we can to address the situation. That is why, on Friday, the Chancellor met the UK’s principal mortgage lenders, alongside senior representatives from the Financial Conduct Authority and UK Finance, to agree new support for those struggling with their mortgage payments.

John Glen Portrait John Glen
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I will come on to set out in detail what arrangements we have made. As the Chancellor set out pretty clearly yesterday, we will hear in the next couple of weeks the details of that agreement, which includes a growing number of lenders—it currently covers 85% of lenders in the country.

Imran Hussain Portrait Imran Hussain
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rose—

John Glen Portrait John Glen
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I wish to make some more progress and then I will take some interventions in a moment.

At that meeting on Friday, the Chancellor secured agreement from lenders to a new mortgage charter, which we published yesterday. It sets out what support customers will receive. We are proud to say that, over the weekend, more lenders signed up to the charter, and we encourage further lenders to join that 85% of mortgage market providers.

The charter provides support for two groups of people in particular. The first group is those who are worried about their mortgage repayments. If they want to switch to an interest-only mortgage or extend their mortgage term to reduce their monthly payments, they will be able to do so with the option of switching back to their original mortgage deal within six months without a new affordability check or affecting their credit score.

For most people, the right course of action will be to continue to make payments on their current mortgage. Keeping up full repayments means that they will pay less interest overall. But this new measure means that people will be able to opt for a lower-cost approach for six months with full reversibility, giving them the peace of mind of knowing that they can try out a new approach and still change their mind later on.

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John Glen Portrait John Glen
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I thank the hon. Lady for her point. As the Chancellor said yesterday, he did raise that with lenders on Friday. We will continue to work closely with them on those disparities where they exist. My colleague the Economic Secretary to the Treasury, who is responsible for the relationship with financial services institutions, will also be attending to this issue. It is right that, with interest rates rising, banks should be looking to put as much of that rise as possible on to the savings rates that they offer to consumers.

Imran Hussain Portrait Imran Hussain
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Time and time again the Minister seems to be ducking the central issue in this debate, which is that the charter the Government have proposed will not cover millions of people and will not provide support. Why will he not instead subscribe to the Labour position today and require all lenders to do it, so that everybody can get support? Answer the question Minister.

Non-domicile Tax Status

Imran Hussain Excerpts
Tuesday 31st January 2023

(1 year, 2 months ago)

Commons Chamber
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Victoria Atkins Portrait Victoria Atkins
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I am very grateful to the hon. Gentleman for that thoughtful contribution. I hope he will understand that I must neither confirm nor deny that given where we are in the Budget cycle, but he makes an interesting point about the level of the remittance and his views on its impact.

Victoria Atkins Portrait Victoria Atkins
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The hon. Gentleman at the back has been very patient, so I will give way.

Imran Hussain Portrait Imran Hussain
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I am very grateful to the Minister. Thus far in this whole debate I have not heard one credible reason why we should not abolish non-dom tax status. The Minister seemed to indicate earlier that she is waiting for the right fiscal event, and then she will abolish it Is that right?

Victoria Atkins Portrait Victoria Atkins
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Again, I have to be very careful, as any Treasury Minister at the Dispatch Box six weeks before a fiscal event—a Budget—would have to be. The hon. Member will understand that there may or may not be market sensitivities in relation to tax policies ahead of the Budget, so I am not able to give any indication at this moment. What I am trying to do is to set out the facts in relation to tax take, and of course there will be a debate across the House about the whys and wherefores of that.

It is important, for us to have a reasoned debate, that we understand that non-domiciled taxpayers pay UK income tax, capital gains tax and national insurance contributions on their UK income and gains. That is money, as all taxpayers’ money is, that we can use to improve our schools, benefit patients in our hospitals and pour into infrastructure projects that will help level up across the country.

On top of that—again, the shadow Minister seems ready to dismiss this—non-doms have invested more than £6 billion in the UK into UK businesses, helping to grow the UK’s economy. That is an extraordinary amount of money: it is just under half the policing budget for England and Wales. I know that, when writing a speech, these sums may not seem very significant, but the real-life impact these figures have is very significant.

As the shadow Minister also, sadly, does not seem to have understood, we have in fact gone further in making sure non-doms pay their fair share of tax. In 2017, the Government reformed the rules to end permanent non-dom status and ensure all non-doms have to pay inheritance tax on any residential property owned in the UK, even when they own that property through a complicated structure such as an offshore trust or an offshore company. When the challenge was put to the shadow Minister by my hon. Friend the Member for Aylesbury (Rob Butler) about why a Labour Minister had not managed to do that before, we did not have an answer. Those affected by these reforms are paying more than £3 billion per year in UK income tax, capital gains tax and national insurance contributions on top of the earlier figures.

I would like to correct another mistake made, I am sure inadvertently, by the shadow Minister. We did in fact deal with non-domiciled taxpayers in the autumn statement, because the Chancellor closed a loophole to ensure that non-doms who have grown companies in the UK pay capital gains tax to the UK, bringing in an additional £830 million in revenue to support frontline public services. This announcement makes the tax system fairer and ensures that tax cannot be avoided by an individual exchanging shares in a UK close company for shares in an equivalent non-UK company as a way to re-categorise UK income or gains as foreign income or gains. That means that UK resident non-doms pay tax on gains and distributions received where value has been built up in the UK. The remittance basis is intended to provide an alternative tax treatment for foreign income and gains. It does not extend to income and gains that result from UK assets, and the Government are not willing to accept contrived arrangements that allowed clever tax planning to sidestep the tax charge that would otherwise have been due. As I mentioned a few moments ago, any analysis will be considered as part of the usual Budget process. We keep all taxes under review, as usual, and we do not comment on speculation around changes to tax policy outside fiscal events. That long-standing tradition has historically been respected by parties of all colours.

The Government will be voting against the Opposition motion, because it breaches established precedents and would prejudice the development of tax policies. I note that we have a Budget in just six weeks. I also note that we need to maintain an internationally competitive tax system that brings in talent and investment, which contributes to the growth of the economy. It is vital that we deal not just with the current economic problems we face, but also with the long-standing difficult ones that have beset us for decades. As the Chancellor outlined in his growth speech last week, we need to support enterprise so that more businesses want to locate here. Among other things, that means taking steps to reduce the tax burden overall. We are a party that believes in low taxation, and as soon as the fiscal situation allows, we want to reduce it. The Conservative vision for our economy is to unlock our national potential, and to be Europe’s most exciting, innovative and prosperous economy. We are making taxes fairer, simpler, and supportive of growth, to achieve the bright future for our country that I am sure we all want.

Energy (oil and gas) profits levy

Imran Hussain Excerpts
Tuesday 22nd November 2022

(1 year, 5 months ago)

Commons Chamber
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Tulip Siddiq Portrait Tulip Siddiq
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The things we do not like about this Budget are the fact that the Government will still not impose a proper windfall tax, which I am coming to, will still not abolish non-dom status and will still not listen to us about private schools. If the right hon. Gentleman pays close attention and listens to my speech, he will learn about the things we do not like in his autumn statement.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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My hon. Friend is making an excellent speech. Does she agree that, once we get past the smoke and mirrors of this autumn statement, it is nothing more than ideological austerity on steroids?

Tulip Siddiq Portrait Tulip Siddiq
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As always, my hon. Friend, who is a doughty champion for his constituents, speaks the truth, because when we examine the autumn statement carefully, we see what will actually happen to hard-working people in this country and how they are bearing the brunt of an economic crisis that Conservative Members created in Downing Street.

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Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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Let me be absolutely clear: the only thing this autumn statement achieves is further inequality, further injustice and further unfairness to our communities, and that is after 12 years of the devastation of our communities through a well-thought-out, well-planned ideological agenda.

In my constituency of Bradford East—let us deal with facts; Conservative Members want to talk about facts, so let us talk about them—50% of children are living in absolute poverty. Fifty per cent. of those may not even have a hot meal today. Many of those families will be using food banks—as the hon. Member for Kirkcaldy and Cowdenbeath (Neale Hanvey) said, where they can be made available—in a tragic society in which food banks are now more dominant than fast food places. That is the stark reality.

What does this autumn statement do to alleviate the poverty in my constituency? What shall I tell the children in my constituency about what this autumn statement does for them? What does it do to make sure every child will get a hot meal today? What does it do to make sure that families—including working families—will not use food banks? Those are the questions that my constituents and those of hon. Members in this House will be asking us when we go back. It is fine playing ping-pong or flashy economics across the Chamber, but that is not the question we will be asked.

This statement is a missed opportunity, just like the last statement was, the statement before that and, tragically, the statements we have had over the last 12 years. I am astonished when I come to debates such as this and see Conservative Members—they have even done it today—using that defence, as though the last Labour Government 12 years ago are suddenly to blame for all the economic problems we face today. I remind hon. Members: they may be able to use that argument for the first, second or third year, but we are four general elections forward. We are on our fifth Prime Minister. We have changed God knows how many Chancellors. They cannot use that argument today. We have to move on, accept responsibility and place it where it lies.

The fact remains that the UK is the fifth largest economy in the world. Our country is the fifth richest on the planet, yet when we leave this House and its ivory towers, and go to my constituency and those of other hon. Members, we see a country that looks nothing like one of the richest. We see ambulances backed up queuing, children crammed into bursting classes, hospital wards overflowing into corridors, GP appointments that can never be booked, trains that do not run on time, buses that do not turn up, police officers that cannot attend crimes, social security that provides very little security, rivers that are literally sewers, and homes that are riddled with damp and mould. Those are not signs of the fifth richest country; they are signs of a country that is broken and has been broken for a long time—for 12 years.

We know where the blame for our broken country lies. It lies with the party in government that has squandered and misspent over a decade in power. It lies with the party that imposed cruel austerity on our public services. But I do not expect this Government to understand. After all, they are led by a Prime Minister who is not only the richest Member of Parliament, but one of the country’s richest citizens. He is twice as rich as the King. He has never known hardship. He is supported by a Chancellor who has never been hard up or had to scrimp and save like my constituents, or choose between heating and eating like my constituents. He has never asked how he is going to get from one day to the next, as my constituents have.

If I come across as angry, perhaps it is because I am angry. I am enraged that over the past 12 years this Tory Government have robbed my constituents in Bradford of their futures, to line their own pockets and the pockets of their friends and donors. I am enraged by the fact that, despite the country falling down around their ears, with crumbling schools and hospitals, they still will not admit the carnage they have caused. Indeed, they sit there and they cheer.

Jonathan Gullis Portrait Jonathan Gullis
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As someone who probably speaks with the same sort of vim and vigour as he does, I always admire the passion of the hon. Gentleman in the Chamber. He laid out a litany of issues across our country. Of course I am not in denial of those situations. Can he promise the House, and members of the public, that if Labour were in government, taxation on individuals—not the wealthiest, but average income householders—would not increase at all in any of Labour’s fiscal policies to help to deliver on their fiscal plans? General taxation would not in any way increase—can he deliver that promise to the House right now?

Imran Hussain Portrait Imran Hussain
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The hon. Gentleman, who I normally have good banter with, tragically on this occasion illustrates the very point I make. His constituents expect him to scrutinise his own Government, who are not alleviating poverty even in his constituency. When he goes back to his constituency, I suggest he asks those questions of constituents and they will provide the answer to the question for him, which is this: it is his Government who for the past 12 years have made their lives a misery.

Neale Hanvey Portrait Neale Hanvey
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The hon. Gentleman is making an outstanding contribution. Does he agree that gross greed and the deliberate exploitation of people lies at the heart of the fundamental problem we have in our society? We must talk about that, challenge it and eradicate it.

Imran Hussain Portrait Imran Hussain
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The hon. Gentleman is absolutely right. Going back to my opening lines, the reality remains that what this statement does—perhaps the surest thing it achieves—is further inequality, injustice and unfairness.

Imran Hussain Portrait Imran Hussain
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I will not give the hon. Gentleman time again. He asked a question and I gave him a perfectly good suggestion: to go and ask his constituents. He will find the answer there.

What is shocking is that Conservative Members sat there and cheered and applauded when the ex-Chancellor delivered the fiscal event that crashed our economy. They cheered, and people in Bradford and elsewhere across the country now face unaffordable mortgages. They cheered at soaring energy bills. They cheered at spiralling food costs and they cheered at mounting fuel prices. That disconnect with the rest of the country, that incapability to understand the challenges that people in Bradford and elsewhere face, is why this autumn statement delivered next to nothing for my constituents and why no Tory Budget ever will.

After 12 years of failure, carnage and chaos, it is even more apparent than ever that the Tory Government have run out of ideas and run out of road. They have no mandate from the country and no support from the public. Instead of presenting this watered-down Budget that fails to properly address any of the challenges and hardships that people in Bradford face, the Government should have done the right thing—the principled thing—and called for a general election. But the reason Conservative Members—including the Prime Minister—will not call for a general election is that they know their fate. They know that, in a general election, the British people will repay them for the hardship, chaos and absolute devastation that they have brought to our communities. Let me assure them again: when a general election is called, the British people will pay them back with interest at the ballot box.

Oral Answers to Questions

Imran Hussain Excerpts
Tuesday 15th November 2022

(1 year, 5 months ago)

Commons Chamber
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James Cartlidge Portrait James Cartlidge
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My hon. Friend, like The Sun newspaper, is a champion of motorists, hauliers and all those in his constituency who rely on petrol and diesel vehicles for their—[Interruption.] Opposition Members laugh, but my hon. Friend is standing up for his constituents and doing the right thing. He is absolutely right to highlight the huge tax cut we put in place in the spring statement, worth £2.4 billion, through 5p a litre off the duty rate on petrol and diesel for 12 months. Of course, I cannot make fiscal decisions at the Dispatch Box, but we do keep these matters under review.

Imran Hussain Portrait Imran Hussain  (Bradford East)  (Lab)
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T5.   Earlier this year, Bradford submitted a levelling-up fund bid—the only bid developed from the grassroots up by local community groups—to build three new community-led health centres that would deliver transformational benefits for Bradford and act to reverse the crippling health inequalities that we face. Ahead of the announcement on Thursday, does the Chancellor see that if he does not back grassroots, community-led transformational projects like this, it is clear that the Government’s levelling-up agenda is truly dead?

John Glen Portrait The Chief Secretary to the Treasury (John Glen)
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The Government are completely committed to levelling up. As the hon. Gentleman knows, there is a second round of bids for the levelling-up fund. The results will be announced in due course, but he has made a very effective representation on behalf of his constituents and local authority.

Economic Responsibility and a Plan for Growth

Imran Hussain Excerpts
Wednesday 19th October 2022

(1 year, 6 months ago)

Commons Chamber
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Andrew Griffith Portrait Andrew Griffith
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I was in the process of telling the hon. Lady exactly what the Government will do. No one should trivialise the impact of rising global interest rates on mortgages. The last time mortgages were at this level was under her Government, and not after the backdrop of a global pandemic and a war on European soil.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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Will the Minister give way?

Andrew Griffith Portrait Andrew Griffith
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No, I think I have been relatively generous in taking interventions from the Opposition. I will make some progress, because I am sure that many people would like to speak. As the House knows, we will publish the medium-term fiscal plan, which will be fully reported on by the OBR and will set out our approach to fiscal responsibility: the variable that we can control in Government to help to reduce rates of interest going forward. We remain committed to pursuing growth as the driver of prosperity for all.

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Drew Hendry Portrait Drew Hendry
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My hon. Friend is completely right and he represents a constituency with many off gas grid constituents, as I do. He makes a telling point about the cost of that. What support are the UK Government giving to these people who face twice the bills that other people will? They are giving a measly £100.

Imran Hussain Portrait Imran Hussain
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Even today, the Minister refuses to give us figures on the expected windfall revenue. Does the hon. Gentleman agree that the simple fact remains that this Government always side with the energy giants as opposed to ordinary British people?

Drew Hendry Portrait Drew Hendry
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The hon. Gentleman makes a fair point. As I said in my opening remarks, the Government’s ideology is that the rich will get richer while the poor will suffer. That has been underlined over the past few weeks like at no other time in this place. The scales have fallen away—

Economic Situation

Imran Hussain Excerpts
Wednesday 12th October 2022

(1 year, 6 months ago)

Commons Chamber
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.

Each Urgent Question requires a Government Minister to give a response on the debate topic.

This information is provided by Parallel Parliament and does not comprise part of the offical record

Chris Philp Portrait Chris Philp
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The hon. Member calls for a reversal of the growth plan, yet she voted in favour of its largest measure just last night. She talks about sidelining the OBR, yet it will be fully scoring the medium-term fiscal plan on 31 October. The right response is to protect our constituents from rising energy prices, and we did that on our second or third day in office. The right response is to get our economy growing, and that is what the growth plan will do.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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Today, the Chief Secretary has made much mention of spending and pay restraint. During the cost of living crisis, the Government have repeatedly told workers that they must accept pay restraint to keep inflation in check while plotting to make further swingeing cuts to public services. Why do the pay restraint and cuts not apply to bankers, too? Is this not the same old Tory ideology of austerity for the oppressed many and luxury for the privileged few?

Chris Philp Portrait Chris Philp
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If I may respectfully say so, that is nonsense. The tax reductions, including those that the hon. Gentleman voted for last night, apply to everybody in work earning more than £12,570 a year. The national insurance cut and the cut to the basic rate of income tax are tax cuts for everybody, rich and poor alike. The increases in the threshold disproportionately benefit people on lower incomes, and the people on the very lowest incomes now do not pay any national insurance or tax at all. Again, the significant increases that we have seen in the national minimum wage from £5.93 an hour under Labour to £9.50 an hour now most benefit people on low incomes. The Government stand on the side of people on lower wages but doing the right thing by working.

The Growth Plan

Imran Hussain Excerpts
Friday 23rd September 2022

(1 year, 7 months ago)

Commons Chamber
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Kwasi Kwarteng Portrait Kwasi Kwarteng
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Corporation tax has not been changed; it is being kept at its current level. On defence spending, the hon. Gentleman will know that my right hon. Friend the Prime Minister has committed to a defence target of 3% of GDP by 2030, recognising the changing nature of the threats and the real importance of our armed forces.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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This morning the Chancellor promised new laws to speed up the building of major infrastructure projects. May I take it that he is fully behind the Prime Minister’s promise to build the biggest infrastructure project, Northern Powerhouse Rail, in my constituency? Can I expect to meet him soon after the conference recess to discuss plans to build it in full, including the Bradford stop?

Kwasi Kwarteng Portrait Kwasi Kwarteng
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I will be very happy to meet the hon. Gentleman at a convenient time to discuss infrastructure projects. We have published a list of things that we want to accelerate, and infrastructure projects are clearly critical to the growth plans.

Wera Hobhouse Portrait Wera Hobhouse (Bath) (LD)
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I congratulate the hon. Member for Wakefield (Simon Lightwood) on an excellent speech. He told us about the wonderful heritage, arts and culture in his constituency. I went to Yorkshire Sculpture Park, a long time ago now, and it was absolutely beautiful. I encourage everybody to go. I hope he will not suffer the fate of one his predecessors and get his foot jammed in one of the Lobby doors. Maybe if he comes early for voting, he can avoid that fate.

We Liberal Democrats have been calling for a windfall tax since last year. It was my right hon. Friend the Member for Kingston and Surbiton (Ed Davey) who first suggested, last October, a windfall tax on the super profits of the oil and gas giants that were taking millions of pounds in profit while households were starting to struggle badly. For months the Government tried to resist a windfall tax, defending the indefensible. The Government have finally caved in, but too late for many. For example, my constituent wrote to me in January saying that he had to stay in bed because he could not heat his home. Our Liberal Democrat analysis shows that more than double the amount could have been raised if the Government’s levy was tougher now and had been implemented earlier. The equivalent of £200 is lost to each household because the Government are doing too little too late.

Imran Hussain Portrait Imran Hussain (Bradford East) (Lab)
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The hon. Lady is making an absolutely excellent and pertinent point. Does she agree that the Government have had ample opportunities, but voted no fewer than three times in this House against bringing a levy in earlier?

Wera Hobhouse Portrait Wera Hobhouse
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I could not agree more. The Government have dithered and delayed. They could do something about it and back our amendment, which would ensure that the new levy on oil and gas companies is backdated to last October. That would at least reflect the dither and delay and do something about it.

What should we make of the proposals to exempt those companies investing in new oil and gas exploration? There is nothing in the Bill to incentivise investment in renewables. That flies in the face of the Government’s commitment to get to net zero. In fact, it demonstrates once more how quickly they are prepared to U-turn on their promises, making it harder for struggling households to get on top of soaring energy bills now and in future and failing to take serious action on climate change. What is more, where is the programme to transform the pace of home insulation, which is lagging shockingly behind? Where are the planning laws to ensure that we build zero-carbon homes now rather than allowing developers to build homes that will require very costly retrofitting in a few years’ time?

We need bold and swift action to help families with the soaring cost of living and energy prices. The cheapest form of energy is onshore wind. When will the Government drop their effective ban on onshore wind and turbo-charge its revival? That would be the surest way to help struggling households to bring their energy bills down in the near future. The Government, however, can only fire-fight, and they have no vision and no real ambition.

Under Liberal Democrat plans, we would cut most emissions by 2030. That would be good not only for the climate, but for people’s pockets as we wean ourselves off global oil and gas markets as soon as possible. The Government have to come clean on the fact that even if gas and oil are produced in the UK, that will do nothing for household energy costs, because the price of oil and gas is fixed globally, not nationally.

On new green jobs, cleaner air, warmer homes and lowering living costs, the levy could have done so much more. We Liberal Democrats support the Bill but deplore the lack of a much greater ambition from the Government to rein in soaring energy costs and tackle the climate emergency.