argyrotsipi/train-dataset huggingface dataset:
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Luke Patrick Graham (Conservative, Centre-right): I thank my hon. Friend for his intervention and I could not agree more. Intangible assets are becoming an increasing part of the global economy. Just a few years ago, I did a study in relation to the Prince’s Accounting for Sustainability project. When we looked at some of the figures, they clearly showed that up to 80% of the value of the Standard & Poor’s 500 index in the United States was being held in intangibles. In considering some of the accounting standards and taxation measures that we are introducing, we could be missing up to 80% of that value, which would not then be reflected in the share price or indeed in the tax revenues that could be captured. I agree with my hon. Friend that we should look at those measures Without giving the Prince’s Accounting for Sustainability project too much of a push here in the Chamber, I will say that a number of the reports that it has put forward, in partnership with businesses in the United Kingdom and internationally have been really positive. They look at how we can capture some of the value of intangibles, but they also consider human and social capital. The organisation has published a number of reports, and I encourage Members to read them, because they could help to inform our policy making not only on the digital services tax, but when it comes to evaluating the impact and true value of some of the companies and enterprises across our country. It does not matter whether it is the small enterprise on our high street or, indeed, the new multinational that is capturing funds from around the world. It is about our identifying value and then being able to show to shareholders, Government and the local community the social, human and physical capital contributions that are being made to our economy Some people find Budget debates dry, but I find them incredibly exciting. The hon. Member for Aberdeen North (Kirsty Blackman) said last night that she enjoyed a good read of the Budget documents at home—I could not agree more. This Budget gives us plenty to read and plenty of food for thought, which is why I will support the Bill today.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): It is a huge pleasure to follow my hon. Friend the Member for Ochil and South Perthshire (Luke Graham), who is always an incredibly eloquent and articulate commentator on matters financial I am delighted to see that news of my speech has spread to the office of the shadow Chancellor, the right hon. Member for Hayes and Harlington (John McDonnell), and that he has come to the Front Bench especially to hear it. I am delighted that he has chosen to come to the Chamber for this purpose; I eagerly await the imminent arrival of the Chancellor as well I want to speak to new clauses 5 and 6, which were tabled by the shadow Minister, the hon. Member for Oxford East (Anneliese Dodds). Their substance would require more analysis and reports on various aspects of the Government’s programme in the areas of avoidance and evasion. However, as so often in life, action and results speak much louder than reports and words. The Government’s actions and the results they have achieved are far more powerful than any call for evidence or any call for a report can demonstrate The hon. Lady posed some questions about whether the tax gap is the best measure. It is an internationally accepted measure and it provides for consistent comparison over time, so it is a good way of consistently comparing the record of one Government with that of another. There may be other measures, but it is at least a consistent measure and it is also a good way to compare different countries, as well as to make comparisons within a country over time The current tax gap in the United Kingdom is 5.7%, which is extraordinarily low by comparison with other major countries and significantly lower than it was when Labour was in office, when it was between 8% and 10%. Whatever quibbles the hon. Lady may have about the things that are included or excluded, what is clear is that the tax gap is low compared with what it was under Labour and low by comparison with other countries. That is not surprising.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
James Roger Cartlidge (Conservative, Centre-right): My hon. Friend is making an excellent speech on what action is happening, but does he agree that one thing not captured in the statistics is what I would call positive inducement as opposed to avoidance? If there are competitive rates of tax, people are encouraged to avoid avoidance and conduct legitimate activity by paying a standard tax.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): My hon. Friend is quite right. Having low and competitive rates of tax does attract people to this country, who then pay corporation tax they otherwise would not pay. I will come on to precisely that point in a few moments The reason I was explaining why it was not surprising that our tax gap has reduced is that the Government have taken quite a large number of measures to combat tax avoidance and tax evasion since 2010. In this Budget alone, there are 21 such measures. I was rather disappointed that by voting against the Budget on Second Reading, Opposition Front Benchers were expressing their disagreement with those 21 anti-avoidance and anti-evasion measures.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): I am not sure that that is a very good basis for voting against something. A move forward is a move forward. I have yet to hear a detailed and coherent set of proposals that would take these measures further forward. I am sure that those on the Treasury Bench are always eager to receive ideas on measures that would raise revenue. If the hon. Lady wanted to propose ideas on the Floor of the House, I am pretty sure she would find a ready audience. One such measure, the diverted profit tax, has directly raised £700 million since 2015. In addition, it is interesting that businesses talk about not just the direct effect of the diverted profit tax. Some companies, realising that they might be caught by the diverted profit tax, choose to change their behaviour and effectively choose to pay ordinary corporation tax in a more compliant way. That does not appear in the diverted profit tax figures, but it is none the less successful in changing behaviour.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): The fact that the Government have adopted three measures shows that they are not only a Government who listen and adapt, but a Government who have taken more than 100 anti-avoidance and anti-evasion measures since 2010. That is a record the Government can be proud of, although there is always more that can be done. I will come on to one idea later The hon. Lady suggested in her very long and at times entertaining speech—perhaps inadvertently entertaining, but it was entertaining—that the Government had not shown leadership in the area of organising international co-operation to combat tax evasion. She also said it was a concern that we are leaving the European Union as we might lose that as a forum in which to combat tax evasion and tax avoidance. The most effective forum is the OECD’s BEPS initiative—the base erosion and profit shifting initiative. The UK Government have been a leader in this area—for example, on action five, which limited the deductibility of interest payments against corporation tax. That is another area where the UK Government have shown genuine global leadership.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): That is an example of one of the many areas where we have taken action. Getting information from that jurisdiction and, I think, Switzerland has helped us to combat people who are not paying the tax they should. The proof of the pudding is ultimately—I can see the flood of hon. Members on to the Opposition Front Bench continuing—in the eating. The fact is that the amount of money collected in corporation tax has gone up from £35 billion to £55 billion The hon. Member for Stalybridge and Hyde (Jonathan Reynolds), who was in his place earlier, shook his head when that point was made and referred to an IFS report, which he said made the point that if corporation tax rates were higher, they would raise more money. I have had the opportunity to look up that report since then. The article was in The Guardian, which is hardly a Conservative or right-wing newspaper—it may be too right wing for the shadow Chancellor, but it is not too right wing for me—and although any amount of money that might be raised in the short term is one thing, it goes on to say the IFS stated that "substantially less" will be raised in the medium term as companies respond by investing less The hon. Member for Oxford East asked what the intellectual backing was for suggesting that lowering tax rates increases revenue. That backing comes, of course, in the form of the Laffer curve, named after Professor Arthur Laffer, who made the case very coherently that lowering rates can increase the take—my hon. Friend the Member for Solihull (Julian Knight) made this point earlier—by encouraging investment and encouraging companies to relocate to a jurisdiction where there are lower rates of tax. That is no theoretical thing—[Interruption.] It is not only a theoretical thing, but a practical thing Since the Government introduced lower rates of corporation tax, a number of companies have chosen to take advantage of them by locating into the UK. Most recently, in August this year, Panasonic moved its European headquarters from Amsterdam into the United Kingdom, and clearly, competitive rates of tax were part of that. Back in 2012, when the former Chancellor, George Osborne, set this course, a whole number of companies announced that they were locating back into the UK, including Aon, which located here from the United States, Starbucks, which located its corporate HQ here from the Netherlands, and WPP, which located its corporate HQ here from the USA. More recently, Unilever considered moving its corporate HQ out of the UK to the Netherlands, but there was a huge shareholder revolt and it chose to stay here. Those are practical examples of a competitive tax system in action. That is part of the reason why the tax yield has gone up so considerably.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): My hon. Friend is right to draw attention to the way in which very favourable tax systems can indeed attract companies to this country. We should be proud of the fact that we are attracting the world’s leading companies to the United Kingdom I am sorry to refer to the speech by the hon. Member for Oxford East so often, but it was a very full speech and there was a great deal to reply to. She suggested that the Chancellor of the Exchequer said that our plan was to become a tax haven. He never used the words "tax haven", but he did say that we could be a tax competitive economy. There is nothing to apologise for in saying that we will be a tax competitive economy and attract companies to locate here. If there is a tax haven in Europe, it is Luxembourg, so the hon. Lady should reserve her ire for that jurisdiction.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Chris Ian Brian Mynott Philp (Conservative, Centre-right): The words "tax haven" were not his, and what he clearly confirmed in response was the he intended to create a tax competitive economy, which we can all be proud of, and I will certainly support him in creating it I feel that I should move on—although I will happily take more interventions—to new clauses 14 and 15, which were spoken to by the hon. Member for Glasgow Central (Alison Thewliss), the SNP’s Front-Bench spokesman. In her speech, she drew attention to the importance of transparency, and she was right to do so. We have already made significant moves on limited companies and limited liability partnerships. Persons of significant control now have to be disclosed on the Companies House register, and I fully agree with her that that should be comprehensively enforced.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Paul Masterton (Conservative, Centre-right): It is a pleasure to follow my hon. Friend the Member for Croydon South (Chris Philp), although, as ever, the problem with following him is that he has done such a thorough and detailed job of going through the minutiae of pretty much every single piece of the Bill that there is not a huge amount left for me to say. However, I will do my best and raise a few points that I know are particularly important to people and businesses—particularly small businesses—in East Renfrewshire One reason why these measures are so important comes back to the perception of fairness. Action to deal with tax avoidance and evasion is important because people often perceive that they are playing by the rules and doing everything right, while other guys—often the big guys with lots of money, who can afford to pay the "big four" huge sums—are able to find clever ways of reducing their tax liability There have been many examples of companies diverting profits, in a way that is not fair and is not right, to other jurisdictions with much lower tax levels to save themselves money. They are taking money that was produced when taxpayers in this country went into their shops and bought their goods, supporting them and their products, but that money is not being kept in our economy or reinvested in our economy. It is being shunted offshore to other jurisdictions, where it is swept up and often manoeuvred around other areas, particularly when a global business is moving it around to prop up less competitive and less successful parts of that business offshore Since 2010, an extra £180 billion or so has been brought in as a result of some of the measures that we have introduced. That is a huge amount, which is being reinvested in the country in which it was produced. It means more money for our schools, hospitals and small businesses—the sort of money that can give people a bit of a break I want to touch briefly on the new clause tabled by the hon. Member for Glasgow Central (Alison Thewliss). She talks frequently, and with a great deal of knowledge, about Scottish limited partnerships—rightly, I think, because they are being increasingly scrutinised and are coming under the spotlight. They have been around for a long time, and previously no one paid much attention to them—no one really understood what they were being used for. They fall within a slightly odd grey area in terms of the Companies Act 2006. In my former job as a pensions lawyer, they were used as a vehicle to allow companies to put an extra step between them and an investment. They helped companies to reduce their tax in relation to employer contributions that they had made through the sweeping round of funds That was a legitimate funding mechanism, but there is no doubt that because of where Scottish limited partnerships sit in relation to the wider tax system, they are being used pretty unscrupulously. A lot more stuff has been coming out about them, and I think that the hon. Lady is right to go on probing and testing to establish whether their proper use is being properly enforced and checked.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
Paul Masterton (Conservative, Centre-right): The hon. Lady has highlighted the key point that I made at the beginning of my speech about highly trained and well-paid accountants. The Government are always playing catch-up because she is right: what happens is that a loophole is identified, it takes quite a long time to get a measure to close it through the process, and by then everybody has already moved on to the next thing. We need to get better at pinpointing—almost like in a game of chess, thinking two moves ahead and saying, "If we close this down, where are they going to move next?" These people working in the private sector are able to find these money-saving methods, so there is no reason not to have people working in government thinking along the same lines I support what the Government are doing to reduce the tax gap. It is important to bring in the extra money that is properly due in this country by closing loopholes and stopping the feeling that the big corporate guy is getting away with something while I, the guy struggling with my own small business, am paying what is due. There is a real sense of unfairness in the practices that these measures are designed to tackle, and I look forward to supporting them in four and a half minutes’ time.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Macroeconomics
John Henry Hayes (Conservative, Centre-right): My hon. Friend is making an important point. The measures in this clause are part of a suite of policies that allow us to deal with the abuse of international multinational monopoly capitalists, who are skewing our economy against the interests of our people and altering the character of both our economy and our society.
Finance (No. 3) Bill — House of Commons, 2018-11-20
Topic: Social Welfare
Melvyn John Stride (Conservative, Centre-right): We have had a good, rounded and full debate, and I thank all Members for their contributions. I wish to touch briefly on the amendments and new clauses moved this evening. New clause 5 calls for a review of the impact of the clauses in this group on child poverty, on households at different levels of income, on those with protected characteristics and on the different parts of the United Kingdom. As I have stated, the Government already provide impact and distribution assessments and analysis in the Budget, as well as tax impact information and notes on individual tax measures.
British Exports — House of Commons, 2018-11-20
Topic: Foreign Trade
Andrea Marie Jenkyns (Conservative, Centre-right): I am proud of our great country. We have always been innovative global leaders. In Britain we have some excellent products, goods and services that the world wants to buy. The United States is the UK’s largest trading partner. The UK exported £112 billion of goods and services to the US in 2016, which is 18% of our total. That is slightly less than double the value of exports to Germany, which is the UK’s second largest export market, at £57 billion But it is the emerging economies where we are seeing the greatest growth. In 2017 the UK exported £22 billion of goods and services to China, making it the UK’s sixth largest export market. Trade with India has also increased, and India’s share of UK exports has increased from 0.9% to 1.7%. I hope to see that trade increase, and the British Government should be doing all they can to ensure that we can take advantage of our historical links with the Commonwealth, China and the USA The PricewaterhouseCoopers report "The World in 2050" looks at how the global economy is likely to change by 2050. Its key findings are that the world economy is due to double in size in just over 30 years, far outstripping the rate of population growth. Emerging markets in the E7 are expected to grow around twice as fast as the advanced developed nations of the G7. If that model is correct, current emerging economies are projected to be six of the world’s seven largest economies in 2050, led by China in first place, India in second and Indonesia in fourth.
British Exports — House of Commons, 2018-11-20
Topic: Foreign Trade
Andrea Marie Jenkyns (Conservative, Centre-right): The hon. Gentleman and I are clearly on the same page about the opportunities for the UK when we finally leave the EU The US will be down to third place in the global GDP rankings in 2050, and the EU27’s share of world GDP could fall below 10%. According to this report, the UK could be down to 10th place, France will be out of the top 10 and Italy will be out of the top 20, as it is overtaken by faster-growing emerging economies such as Mexico, Turkey and Vietnam We are at a crossroads, and not just for our country and Brexit. There is a shift in global economic power from the west to the east. This cannot be stopped. It is right that a country with a population the size of India should have a higher GDP, which is good for tackling extreme poverty. It has also been shown that it is only through capitalism and trade that these countries will grow. The UK, as an outward-looking trading nation, has a chance to forge strong links with the economic powerhouses of tomorrow. We need to get in there first, take advantage of our position now and be able to sign free trade deals to fully maximise our opportunities.
British Exports — House of Commons, 2018-11-20
Topic: Foreign Trade
Giacomo Lopresti (Conservative, Centre-right): I congratulate my hon. Friend on securing this debate and making a brilliant speech. Will she join me in paying tribute to a great British company called Rolls-Royce, which employs nearly 3,000 people in my constituency and 22,000 people across the UK? It is responsible for 2% of our nation’s exports and makes a £12.2 billion contribution to our economy, which represents 0.7% of our GDP. It is a fantastic company, with global outreach. It is ambitious and is driving the way forward. Does she agree that companies such as Rolls-Royce are going to lead the way in a post-Brexit Britain?
British Exports — House of Commons, 2018-11-20
Topic: Foreign Trade
Andrea Marie Jenkyns (Conservative, Centre-right): I thank the hon. Lady for her question and I agree; I am a Brexiteer because I think our immigration and visa system should be a level playing field The UK, as an outward-looking trading nation, has the chance to forge strong links with the economic powerhouses of tomorrow. We need to get in there first, take advantage of our position now and be able to sign free trade deals to fully maximise our opportunities. Brexit gives the UK an amazing opportunity to become, as the Prime Minister has said, "a truly global Britain". However, I am sceptical about any agreement that we sign with the EU that will not allow Britain to export its goods and services freely to the world. I was impressed with the Prime Minister’s Lancaster House speech. That vision for Britain was one that I know the country could get behind, as I certainly did. The British people and I voted to leave and take back control of our future. I am disappointed for the 17.4 million people who voted to leave that this vision is currently only looking like a fantasy As I said earlier, by 2050, the EU27’s share of GDP is likely to fall significantly. The EU is fundamentally protectionist in its economic outlook, whereas the UK and its people can see a bright future. Protectionism is bad for growth and for trade. In a future where Italy is out of the top 20 and overtaken by countries that only a decade ago it would have seemed unbelievable for it to be overtaken by, we need to look further than the EU’s borders of Latvia or Romania.
British Exports — House of Commons, 2018-11-20
Topic: Foreign Trade
Alexander John Gervase Chalk (Conservative, Centre-right): My hon. Friend is making a powerful speech. Do we not also need to look at ourselves as a country, because the world’s third biggest exporter is Germany and it is more productive than us? We need to become more productive and invest more in the wherewithal to create the goods that the world wants to buy.
British Exports — House of Commons, 2018-11-20
Topic: Foreign Trade
Andrea Marie Jenkyns (Conservative, Centre-right): I thank my hon. Friend for his question. This is why I am a keen Brexiteer; rather than sending money across to the EU, I would like to see it invested in our own industries, and in research and development, so that we can really have a bright future for this country.