Basic rate limit and personal allowance

Part of Finance (No. 3) Bill – in the House of Commons at 5:30 pm on 19th November 2018.

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Photo of Jonathan Reynolds Jonathan Reynolds Shadow Economic Secretary (Treasury) 5:30 pm, 19th November 2018

The shadow Chancellor did not speak from the Dispatch Box. I think the hon. Gentleman is thinking of the shadow Chief Secretary, my hon. Friend Peter Dowd—the two should not be confused. On nationalisation, I think the point that my hon. Friend was trying to make is that we can simply look at British history to see how this works. If we take an asset into public ownership and the return from that asset is greater than the cost of the borrowing to take it on, there is no net cost to the taxpayer, and certainly, income tax will not have to rise to cover that.