Finance Bill — Hydrocarbon oil duties — 27 Apr 1999

Considered in Committee.

Question proposed, That the clause stand part of the Bill.

I did not take that at face value. Being a diligent Member of the House, I wanted to examine that claim in greater detail, so I telephoned Mr. Healey to ask him some questions and to justify his assertion. He told me that his £800,000 turnover business was suffering an increase of £25,000 per annum as a result of the escalator. That is £25,000 in additional overheads for a small business. Those of us who have been in business appreciate just how significant that is in annual terms for such a business. It will undoubtedly push some businesses such as Mr. Healey's to the brink of disaster. It will certainly mean that they cannot expand.

The Committee divided: Ayes 305, Noes 177.

Historical Hansard | Online Hansard |