Clause 314 - Deposit schemes

Part of Finance (No. 2) Bill – in the House of Commons at 4:17 pm on 20 June 2023.

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Photo of James Murray James Murray Shadow Financial Secretary (Treasury) 4:17, 20 June 2023

I take this opportunity to thank the many people who have supported me and my colleagues throughout the consideration of this Bill, not least all my colleagues on the shadow ministerial team, the Whips and the Opposition Back Benchers. I also thank the Clerks and parliamentary staff, and third parties, including the Chartered Institute of Taxation, which always provides invaluable support and evidence for us and all Members of the House.

Let me speak briefly to this Bill, which we have considered in detail over recent months. Our feeling as we approach the end of this is that it could have been a chance to make the tax system fairer. A fairer tax system is desperately needed after 13 years of low growth and stagnant wages, and after 25 tax rises by the Government in this Parliament alone—increases that have pushed the tax burden in this country to its highest level in 70 years. But instead, we see the Government prioritise £1 billion of public money a year to benefit the 1% of people with the biggest pension pots. They are prioritising a tax cut for frequent flyers. They are refusing to scrap the non-dom tax status. They are refusing to close windfall tax loopholes. And they are spending their time battling their own MPs over implementing common-sense plans to stop multinationals race to the bottom on tax.

Beyond any individual tax changes, what British businesses and families need now is a credible, ambitious plan from the Government to grow the economy and to make everyone in every part of our country better off. The failure to do that is perhaps the greatest failure of this Bill and the approach of this Government.

The Conservatives have had 13 years and they have failed. As long as they stay in power, the vicious cycle of stagnation stays, too. It is time for a new Government who will get us off this path of managed decline and make sure that people and businesses in Britain succeed.