UK Parliament / Open data

Finance (No. 2) Bill

Proceeding contribution from Lucy Frazer (Conservative) in the House of Commons on Tuesday, 16 November 2021. It occurred during Debate on bills on Finance (No. 2) Bill.

I am grateful for the opportunity to answer that question, because the hon. Lady talked about a reduction in the amount banks are paying but that is not accurate: the banks will actually be paying a higher rate than previously. The hon. Lady might have noted that I referenced in my speech the fact that corporation tax was going up to 25%, and banks will be paying a higher rate than everybody else, who will be paying 25%; the banks will now be paying 28%, not the 27% they are currently paying. We are also ensuring that we have a competitive operating environment for these banks, because the banking sector not only contributes to the economy but employs 1 million people.

The hon. Lady also said people were going hungry, but it is important to recognise what this Finance Bill and Budget do for those on the lowest pay. I have talked about the universal credit taper rate, bringing in an additional £1,000 for those in work who will benefit from it. We have also increased the national living wage, which will benefit people by an average of £1,000. There are a number of other measures, too, that benefit people who are not in work.

Type
Proceeding contribution
Reference
703 c496 
Session
2021-22
Chamber / Committee
House of Commons chamber
Finance (No. 2) Bill
Friday, 19 November 2021
Written corrections
House of Commons
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