Finance Bill — 28 Nov 2022 at 20:25

“this House declines to give a second reading to the Finance Bill because, notwithstanding the importance of increasing the energy (oil and gas) profits levy, it raises taxes on working people through its freeze of the personal allowance threshold; because it fails to take advantage of other sources of revenue, such as ending non-domiciled tax status and further reducing the tax allowances available to oil and gas companies; and because it derives from an Autumn Statement which fails to set out plans to arrest the 7 per cent fall in average living standards forecast over the next two years, and to grow the UK economy, including through replacing business rates, supporting start-ups, giving businesses the flexibility they need to upskill their workforce, investing in clean and renewable energy, insulating homes across the country, and creating jobs in the green industries of the future.”

“maintain the overall cumulative value of relief”.

“There was really nothing there that tells us that the economy is going to avoid another decade of low productivity and low growth”.

“only…team on the field.”

“It’s going to take money away from us…and we won’t have as much to invest.”

“Any new tax should have focused on large, unexpected windfalls right across the energy sector, instead profits at fossil fuel plants are inexplicably exempted from the levy.”

“makes a mockery of plans for growth.”

“The lack of any real ability on the part of the Scottish government to be able to flex its budget within year in response to unanticipated shocks remains a real limitation of the existing fiscal settlement…a strong case can be made for enhancing the Scottish government’s ability to borrow and/or draw down resources from its Reserve.”

“this level of inflexibility does not seem tenable.”

“shows the government has been serious about its commitment to prioritise the NHS.”

“There is a massive structural flaw in the economy that whatever the economic shock the wealthier get wealthier. If we’re going to get the whole economy into recovery, and leave no one and nowhere behind, we need to change this. Societies that are so unequal are bad for everyone and policymakers need to address this dangerous gap, or risk people losing trust in our economy and democracy.”

“The current R&D tax system has been instrumental in our growth as a Cambridge-based Biotech, which has grown to over 50 highly skilled staff, raised £45 million in investment and entered into multiple pharmaceutical industry partnerships. Receipts from R&D tax credits form a critical part of our funding equation, and the proposed SME R&D tax relief cut will materially adversely affect our future growth plans within the UK.”

“The assistance at the current level is a cornerstone of our financial projections, which also help us to attract equity funding, and any reduction in the claimable amount will have a significant impact on our ability to invest and grow at the desired rate.

As part of our forecast, we will be looking to increase our current headcount of 175 by approximately 30% in the next year, but quite simply this will not be possible if the tax relief changes announced in the Autumn Statement become reality.”

“changes to the Energy Profits Levy are not expected to have a significant macroeconomic impact on the level of business investment”

“to around 200 companies operating in the UK or on the UK Continental Shelf.”

“the tax changes would impact not just North Sea operators but the hundreds of other companies in their supply chains”,

“provide specialised services such as marine engineering, deep sea diving or subsea communications”,

“is participating in plans to invest £200 billion by 2030 across all energies, including the lower-carbon ones needed to drive the energy transition.”

“high on stealth-creation and low on wealth-creation”

Debate in Parliament |