Finance Bill (Second sitting)

Roger Mullin Excerpts

Thursday 17th September 2015 Public Bill Committees

[Daniel Zeichner]

rose—

[Roger Mullin (Kirkcaldy and Cowdenbeath) (SNP)]

rose—

[Mr Gauke]

I was about to conclude, but I will quickly take the two inventions.

[Mr Gauke]

That is our intention, yes; £200,000 will be the level for this Parliament.

[Roger Mullin]

I would be interested to hear the Financial Secretary’s reflections on the Chancellor’s speech, which my hon. Friend the Member for Edinburgh West has cited. Does the Minister accept that there is a fundamental problem of investment in the UK economy and that we need to do more to try to stimulate investment? One way of doing that would have been to retain the investment allowance at a higher level.

--- Later in debate ---

[Barbara Keeley]

We were committed to a better way of funding social care, and in future we will be committed to even better ways.

I want to finish by questioning the Government’s priorities. It is a question not only of priorities, but of the unintended impacts of the policy. We talked about downsizing and the effect on the housing market. The clause may have a significant impact, which is why we tabled amendment 7, which would require a report on the effect of the inheritance tax changes on different UK regions and on housing prices. The Minister seemed to signal that he will not look at or accept our amendment, but it is very reasonable, asking only for a report. If he will not accept our proposal now, we will bring it back on Report.

[Roger Mullin]

I do not think I need to go over the nine pages of the clause in detail, for which the Committee will be grateful. The hon. Member for Worsley and Eccles South did a good job of going through the minutiae and detail, for which she has our thanks. I will not repeat her.

I have one or two simple observations. I have paid particular attention to the Minister’s words in a number of his remarks. It is an extraordinary priority that the Government are putting in place these measures when they are also making some of the most vicious cuts in welfare that people have experienced in our lifetime. It was very telling when the Minister indicated that one criterion for the decision on inheritance tax—I think that I quote him fairly—was that it will give “peace of mind” to those who are no doubt relatively wealthy, with considerable assets. I did not hear the Government say that the peace of mind of the poor was a criterion when they brought in their tax credit cuts and other welfare reforms.

It is also interesting to reflect that the Minister talked earlier about the need to do things because of the trying circumstances that the economy is in. If we have to take account of those circumstances, why is this measure a priority? It contributes nothing. My party is wholly opposed to the Government’s proposal.