Budget Resolutions — House of Commons, 2021-11-01
Topic: Macroeconomics
Gagan Mohindra (Conservative, Centre-right): I extend my gratitude to my right hon. Friend the Chancellor and his team at the Treasury for their work on the Budget. As I have only a short time, I am unable to go through the many excellent announcements that he made last week, but I particularly support—and wish to discuss, if time allows—his assistance to businesses located across the country with cuts to business rates, the reduction in alcohol duties to make our drinks manufacturers more competitive, the heavy investment in infrastructure to boost our productivity, the support for those in need and the commitment to creating safer streets I fully support the £7 billion reduction in business rates to promote investment and business in this country. I am particularly pleased by at least a 50% reduction in rates for businesses in the retail, hospitality and leisure sectors, which have had such a difficult year but have remained resilient throughout the pandemic. As a former retail business owner, I know how vital the cuts to business rates will be for those who work and run businesses in the sector. They will enable businesses to invest in capital, innovation and, importantly, people, enabling more businesses to hire new staff Investment will not just benefit businesses; reducing business rates is good for consumers, too. Increasing businesses’ capacity to invest enhances competition far more than increasing Government intervention in markets, resulting in lower prices and better products for consumers. I hope that, along with tax cuts and reliefs such as extending the £1 million annual investment allowance, greater wealth creation will be achieved. Decreasing taxes facilitates the opportunity for businesses to invest and grow. After all, it is businesses that create more employment opportunities, affording every person in this country the opportunity to level up, regardless of our backgrounds I am also pleased to hear about the simplification of alcohol duties and the prospect that that creates for the growth of British drinks manufacturers and pubs. Pubs are at the heart of the communities in my constituency, as they are across the country, and I know that the issue of alcohol duty is important to my constituents who have contacted me. I am delighted that reducing tariffs on drinks and supporting small craft producers such as Tring Brewery through the small producers relief will result in higher profits for businesses and help to protect our pubs I am equally delighted by the £5.7 billion investment in infrastructure, better connecting our country and better connecting us. As society reopened this year, the importance of reliable and healthy transport for business and personal journeys became even more apparent. Investing in both our national and our local transport affirms the Government’s commitment to levelling up all regions of the United Kingdom I am assured that the £5 billion designated for improving the quality of local roads will be welcomed by my constituents, particularly those who live in smaller villages and rely on local roads to connect them to larger towns and onward to cities. This investment boosts our productivity, enabling faster transport times, as well as improving safety on our roads. I am dedicated to campaigning for reliable and healthy transport, for an improvement in transit times and for the frequency and safety of public transport in my constituency and further afield I am conscious of time, so I will end by congratulating my right hon. Friend on delivering the excellent news that we have had better economic growth than forecasted and by welcoming his commitments to creating a more prosperous country for us all.