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Finance (No. 3) Bill

Part of the debate – in the House of Commons at 6:42 pm on 12th November 2018.

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Photo of Alan Mak Alan Mak Conservative, Havant 6:42 pm, 12th November 2018

It is a pleasure to follow Kirsty Blackman.

I welcome the Bill, which implements a Budget that helps individuals and families in my constituency and across the whole country to keep more of the money they earn and helps the businesses in my constituency and across the rest of the UK to invest and grow. This is a Budget that secures the public finances and helps us to repair the damage caused by the Labour party. More importantly, it helps us to prepare for the challenges ahead. As the fourth industrial revolution accelerates, it is important that we help our start-ups and our scale-ups and our engineers, innovators and entrepreneurs. This Budget does all those things.

Ultimately, this Budget will improve our productivity, so that as we leave the European Union, this country is fit for the future and in the best possible position to seize the opportunities presented by new technologies, new industries and new sectors and to support the entrepreneurs who create so much of the wealth that drives our growth and funds our public services.

This Budget builds on the financial and economic stability that we have built over the past eight years. It is a Budget that builds on rising wages, rising employment, a growing jobs market and the rising productivity that has allowed this country to maintain its top 10 position in the World Economic Forum’s competitiveness index. It is a Budget that allows us to seize on our strengths and improve our productivity as we leave the European Union.

This Budget contains measures that will help individual taxpayers in my Havant constituency. It increases the personal allowance to £12,500, allowing us to meet an important manifesto commitment one year early. It raises the higher rate threshold to £50,000, which helps not only the entrepreneurs and small business owners who are prevalent in my constituency but many of our senior public servants to keep more of the money they earn and have more disposable income, so that they can make choices for their families and their own future. That is important to Government Members at least, so despite the pressure in our public services, I welcome the tax cuts in this Budget.