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 Richard Graham Richard Graham Conservative, Gloucester 5:30 pm, 19th November 2018

You are entirely right as always, Sir Lindsay. It was helpful to have it exposed that there is clearly a significant difference of opinion between the shadow Chief Secretary and the shadow Chancellor on whether there will be any additional costs from the policies of the Opposition—[Interruption.] I have taken a lot of interventions, so I will cease from taking them so that I can come, as you suggested Sir Lindsay, to a rapid closure, which I am sure will be welcomed by Opposition Members.

Having made the crucial point on our approach to investment in business, let me finish on the annual investment allowance, which is a crucial part of the Budget and the clauses under discussion. This is important because it encourages businesses to invest in expensive technology that, over time, will allow them to grow and employ more people. I could give a dozen examples from my constituency of where this has been true. To give it some flavour, I will highlight just one area. The hon. Member for Stalybridge and Hyde will know, having visited China with me last week, how far we have gone in increasing our exports to China. From Gloucester alone, we are exporting a huge number of manufactured goods, including the landing gear on all Airbus aircraft.