Budget Resolutions — House of Commons, 2017-11-27
Topic: Mixed Topics
Timothy Paul Loughton (Conservative, Centre-right): It is very difficult to follow that speech, but on an upbeat note, I welcome this measured, balanced and forward-looking Budget, which, coupled with today’s industrial strategy, looks beyond Brexit with optimism and realism. Alas, the same cannot be said of the Momentum alternative from the Opposition. Only the shadow Chancellor, or perhaps Paul Daniels, could possibly have the chutzpah to claim that spending commitments of £330 billion already racked up, resulting in debt interest payments of £270 billion over the next Parliament—as predicted by the very forecasters whom the right hon. Member for Islington South and Finsbury (Emily Thornberry) was so keen to quote earlier—would amount to nothing and pay for itself We cannot be complacent, and I certainly welcome the renewed urgency in tackling the productivity deficit and the industrial strategy, which concentrates on smart technologies, clean technologies, fast technology and preventive technology, because that is key. This year alone, China and India will each produce 1 million engineering graduates, many of them working in manufacturing and service sectors in high-tech industries. In 20 years, many of the growth jobs will be jobs that do not exist today, so education is key. That is why I welcome the investment in research and upskilling that is a hallmark of this Budget and today’s vote of confidence by the pharmaceutical companies in this country’s future in that area I welcome the help for business and the end of the staircase tax, which was feared. I welcome the help for small house builders in particular, with the extension of the home building fund to help more house building projects on small sites. I also welcome the commitment to more homes. We need to build more homes, as well as more new towns, so I welcome the stamp duty exemption for first-time young buyers. There are some unintended omissions. People will not qualify if buying a property jointly with somebody who has previously owned one or even somebody who has made a loss on previous properties. There are also question marks over how shared ownership is treated, but the principle is absolutely right However, we need to be more imaginative in promoting rent-to-buy schemes and creating incentives for the three quarters of a million empty properties that we still have in this country. There is also the bigger issue of fairness in stamp duty. The average price of a house in my constituency of Worthing is £327,000, while in Wrexham it is just £179,000 and in Wakefield it is £186,000, but the rate of stamp duty is the same. Should it not be based on size rather than price, depending on what part of the country people live in? We need to incentivise downsizing by older people to free up family homes, and they would still have to pay stamp duty under the current regime. We need to think smarter about incentivising imaginative intergenerational developments that encourage and enable families to stay closer to each other, rather than being priced out of the area where they grew up As chairman of the all-party parliamentary wine and spirit group, I should like to cite one world-beating industry: the wine and spirit industry. It supports 554,000 jobs in this country and generates £50 billion for the economy.