Contribution
Labour Members are like a broken record. The last Conservative Government certainly made a number of mistakes—we have put our hands up to that—but we left employment high and unemployment at a record low, and jobs were being created every single day.
Now, businesses are not taking on—or are planning not to take on—more new starters, or, like Rumsey’s Chocolaterie on Wendover High Street, have already had to lay people off or cut their hours because of employer NI, business rates and the looming Employment Rights Bill. Those are the real-world consequences of the Labour Government’s policies. The dividends tax in the Budget struck right at the heart of the entrepreneurs—the small business owners—who risk everything to create growth, employ people and create the jobs that we want in our economy. It has sent them the message: “There will be less in it for you, if anything at all.” Many of those businesses operate on narrow margins, working their socks off almost for nothing, and this Government are making it even harder for them. That is no way to run an economy.
I am lucky enough to have many farmers in my constituency of Mid Buckinghamshire, where around 90% of the land is agricultural, and I talk to them as often as I can. My party held an emergency food and farming summit at Fleet Marston farm in my constituency a couple of weeks ago, where my right hon. Friend the Leader of the Opposition, the shadow Secretary of State for Environment, Food and Rural Affairs, my right hon. Friend the Member for Louth and Horncastle (Victoria Atkins), and the shadow Farming Minister, my hon. Friend the Member for Keighley and Ilkley (Robbie Moore), joined me to again hear directly from farmers about the impact the family farm tax will have. They will have to either sell up to a third of their farm to meet that tax bill or take on a level of debt that it will take over 40 years to pay back.
The National Farmers Union, many other organisations and farmers directly have tried to reach out, including yesterday on Whitehall, to get Labour MPs and Ministers to listen and understand the real-world consequences of their decisions. And yet the Budget yesterday was entirely lacking anything other than the transferable allowance to take away the stress, anxiety and existential threat to British agriculture that the family farm tax and changes to business property relief represent to family businesses and family farms up and down the country. I can assure anyone who challenges the point I am making that it will not be other farmers who buy the land when farms have to sell to meet the inheritance tax bill—it will be property developers and those with all sorts of other concerns, who will not keep that land in food production. The nation’s food security will suffer as a direct result of the failure to scrap the family farm tax yesterday.
I want to talk briefly about another issue I have been focused on for a number of years, during the last Parliament and this one. I draw the House’s attention to my co-chairmanship of the loan charge and taxpayer fairness all-party parliamentary group. I am grateful to the Chief Secretary to the Treasury and the new Exchequer Secretary for the time they have taken to reach out on this issue. Some of the announcements yesterday were welcome, off the back of the McCann review. However, I am sorry to say to the House that they have not been met with total joy from the victims of the loan charge, because many people caught up in the loan charge are still being asked to pay amounts of money that they simply cannot afford.
The Chancellor, the Chief Secretary to the Treasury and other Ministers are on the record saying, when in opposition, that the victims of the loan charge were “victims of mis-selling” and that the perpetrators—those who promoted these schemes—should have been brought to justice. What we got yesterday was nothing of the sort. We did not get the fully independent review that the APPG and the Loan Charge Action Group have been calling for.
Despite the concessions yesterday, many people simply will not be able to pay. Two thirds of the victims are now over 55, 40% are over 60 and a quarter are already retired. They just do not have the ability to find the amounts of money being asked for, and the offer on the table is nothing like the settlement made with the big banks some years ago, which was in the region of 10% to 15%. I urge the Exchequer Secretary to look at this again and to deliver a genuinely fair settlement to everyone caught up by the loan charge and pursue those who sold the schemes.