Results 141–160 of 7049 for speaker:Lord Darling of Roulanish

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: I will give way to someone who is perhaps an unreconstructed member of the Liberal Democrats, especially one who represents a constituency in the north of Scotland that may be the subject of change because of his leader's determination to reduce the number of constituencies, particularly in his neck of the woods.

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: The hon. Gentleman raises an interesting point. He is right that the right hon. Gentleman called for nationalisation at an early stage. The Chancellor, however, was dead against that. I imagine that if that situation arose now, the Chancellor's view would prevail and the Business Secretary would have to do what he is told. The hon. Gentleman is absolutely right that at the time I agreed with...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: The Conservatives did so because they thought it expedient, but at the end of 2008, they decided to change tack. In all we heard yesterday, the Chancellor did not explain why, if everything was going wrong and we were spending too much in the previous few years, he was quite happy to support such spending right up until the end of 2008.

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: It is largely because we have a very large financial sector that contributed about 25% of all our corporation tax receipts. When the banking crisis hit, those receipts fell. There is something in the argument that has been advanced on both sides of the House in recent years-although, perhaps in retrospect, sadly not as much as it might have been over the past 30 years -that our economy has...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: My hon. Friend's point about Canada is an important one. Yes, Canada reduced its deficit quite dramatically. As a result of that country's provincial set-up, a lot of the action was taken by the provincial governments rather than the national Government. It was taken, however, off the back of a growing US economy. Given the relative size of the Canadian economy compared with the US economy-it...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: There is another difference, of course. Official unemployment in Spain is more than 20%. The Spanish construction industry is in dire straits. A lot of Spain's smaller banks, which are heavily tied to that industry, are finding things difficult. There is a world of difference between the Spanish economy and our own, just as there is a world of difference between the Greek economy and our own....

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: The hon. Gentleman was not here in the last Parliament, but I was asked that on numerous occasions. No Government can ever eradicate economic cycles. They have been around for years, and I expect that the current Government will find that they will be around for years as well. What I would say to the hon. Gentleman is this. Just before we went into this crisis, we had the second lowest debt...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: No, I am going to make some progress. The current context is a fragile recovery, with growth in Europe sluggish. Crucially, however, we cannot assume, as the Government seem to, that it is axiomatic that if we cut back on public expenditure, the private sector will come in and take its place. That is not guaranteed at all. We have seen that in Japan and other countries. Indeed, the private...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: Yes, I suppose so.

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: I am glad that I gave way to the hon. Gentleman, because the last time we touched on whether I supported the creation of the OBR, I think that the Chancellor said that I had always opposed it. However, I was careful before the election, and I think that I am right in saying that I did not oppose it as a matter of principle. The present Government decided to set up the OBR. If it works, it is...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: Let me come to the forecasts. Forecasting, as I am sure the hon. Gentleman knows, is an art rather than a science. Let us just see, because as I understand it, the OBR is being advised by exactly the same civil servants who advise the Chancellor, and who advised me a few months ago. However, I note that when Sir Alan Budd announced the OBR pre-Budget report a week last Monday, he said that...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: No, I think I have dealt with that point. There will be some people who argue that the private sector would see faster growth and job creation if there was a swift consolidation that supported looser monetary policy. However, with inflation down, interest rates at 0.5% and bond yields coming down-they were coming down before the election, as well as after it-there is no evidence of suppressed...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: I shall give way to the hon. Gentleman, not least because I had the pleasure of visiting what is now his constituency during the election campaign, and I can see that my contribution there did not quite work out.

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: What Japan got wrong was snuffing out a recovery at a very early stage and never really getting over it. As the hon. Gentleman knows, the Japanese have had complete stagnation for a long period now. The debt is just going up and up, and understandably they are very concerned about it. The new Prime Minister was the finance Minister until a few weeks ago, and understandably, he has huge...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: My hon. Friend makes a fair point. It is interesting that the Liberal Democrats promised us that if they went into coalition they would get something in return on capital gains tax. They wanted a 40% CGT, yet they appear to have settled for 28%.

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: The Chancellor says it is 10% higher, but when I raised capital gains tax to 18%, I remember the angry campaign waged against it by Conservative Members. They said that 18% would discourage enterprise and was a terrible thing, but they seem to have changed their minds on that absolutely and completely. By the way, we are not going to oppose the increase in capital gains tax; especially when...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: I am not saying that, and I am bound to say that I do not remember anybody-and certainly not the Conservative party at the time-criticising the reduction of CGT down to 10%. It was believed that it would help and encourage entrepreneurship- [Interruption.] The hon. Gentleman might like to have a long look at that, but I am sure that many arguments can be mounted both ways. As he knows, I made...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: Our policy, as the hon. Gentleman will know, was to restore the earnings link from 2012. I can see that bringing that forward to a year in which earnings are likely to be very low had a political attraction. I think that was the subject of exchanges at Prime Minister's Question Time, and it will not have the cash effect that is thought. As for personal allowances, I am in favour of taking...

Capital Gains Tax (Rates) (23 Jun 2010)

Alistair Darling: I noticed that the spin on Tuesday morning was that council tax was to be frozen in England next year. By the time of the speech, however, the Chancellor was saying that if local authorities did certain things, he would see what he could do to help them, which is not quite the same. Let me put some questions to the Secretary of State for Business, Innovation and Skills. On the Chancellor's...

Oral Answers to Questions — Prime Minister: Financial Services Regulation (16 Jun 2010)

Alistair Darling: (Urgent Question): To ask the Chancellor of the Exchequer to set out his proposals for the future of financial services regulation and for the role of the Bank of England.


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