Kit Malthouse
MP for North West Hampshire · Conservative · United Kingdom
“We have heard time and time again that the situation that thousands of our constituents live with every single day is so horrific and appalling that even the best palliative care cannot alleviate their pain. I urge colleagues to consider what their vote may mean today.”
“I will not. Some of those Members had just a few months before been specifically rejected by the electorate and replaced in this House by others, and I am afraid that they cannot be trusted not to do the same thing again. I grant my right hon.”
“The Health and Social Care Committee of the House of Lords found that in territories that have assisted dying, palliative care generally improves, because people become less afraid of talking about death.”
“One of the most affecting people I have met over the last 11 years of campaigning on this issue is Warwick Jackson, who came to our party conference a couple of years ago. Warwick’s wife, Ann, was diagnosed with terminal peritoneal cancer. She basically knew that she was going to die a slow, suffocating death at the end.”
“I respect my right hon. and learned Friend’s expertise in this matter, but, as he has already heard on the Floor of the House, it is perfectly possible for this House to suggest amendments, negotiate them with the promoters of the Bill, place them against the legislation in the House of Lords and then have them come back to this House for…”
“As co-sponsor of the Bill once again, I am acutely conscious that there is more at stake today than merely the fate of those who are facing their end, because the conduct of the other place means that our democracy is also on trial today.”
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“The fact that the rate is lower is not a matter for congratulation or celebration; it is actually a notion that they are not doing quite as well as they should be. The case for a general duty of care is a strong one, particularly where we have a sector that is retreating into, as I say, these bureaucratic and process-driven arguments and that we all think has a responsibility to our young people beyond just teaching them. The Government have said that they believe a duty of care already exists in common law. That will be decided by the courts, but more than one coroner believes that that is not the case and, most importantly, far too many parents believe that that is not the case. Far too many families have seen and felt in their own lives that that is not the case, and they often feel that they are dealt with in a casual or offhand way.”
“Or there is a bureaucratic defence, as my hon. Friend the Member for Don Valley (Nick Fletcher) mentioned, about GDPR. There is never a mention of basic kindness or human connection, or—an overused phrase sometimes— a common sense, or even a sense of morality about what somebody might do when they notice behaviour that might give a family cause for concern. The university sector also retreats into the notion that, as the hon. Member for Sheffield Central (Paul Blomfield) said, suicides in universities are lower than the average. Well, so they should be. This is a supervised or semi-supervised environment where there is supposed to be a latticework of support and care, and where young people are given the space to grow emotionally as much as intellectually.”
“Whatever we may think of the current state of universities —many of them do a fantastic job—they have become much more transactional places. There was a time, certainly when I was at university, when they referred to themselves as communities—when they were there for not just academic growth, but spiritual and emotional growth. They recognised that they were taking on young people who were adults legally, but perhaps not fully formed adults emotionally, and who, at the tail end of adolescence, would be going through particular difficulties and a developmental stage in their mental acuity that required a particular kind of attention and pastoral care. We see that change in universities in their retreat into defence when these horrible, tragic events happen. The defence is that students are adults—a legal defence.”
“I do not believe that this subject requires a long speech, because for me the situation and the decision by the Government seem to be relatively clear. It became distressingly clear to me when my constituents Valerie and Andrew Hayter came to see me in my constituency surgery in Andover one Friday morning to talk about the loss of their son Alex, who, just a couple of years before, had taken his own life following unexpected disengagement from his university course and exams over the course of one summer. Their view was that but for a simple phone call, a gentle nudge or a small human connection by somebody at the university, the life of their son may well have been saved, yet it became clear from their account of the events that unfolded that that was not an approach that would get much purchase in universities.”
“A generation that has been denied access to housing will eventually come of age and be able to vote for councils and councillors, Members of Parliament and Governments, who will deliver what that generation has been denied and put those houses in place.”
“I asked them first to put their hands up if they had a child or grandchild over 25 still living at home, and about half of them did so. I then asked them to put their hands up if they had bought their first home in their 20s, and about two thirds of them did so. Having thus posited the problem, we went on to have quite a civilised conversation about where houses should be going in my constituency and, indeed, in much of the south-east—for these people had come from far and wide. In truth, the message to people who are resistant to or nervous about housing development—even to the small number of verifiable nimbys among us—is that whether they like it or not, the houses are coming.”
“I will do my best, Madam Deputy Speaker. I draw Members’ attention to my entry in the Register of Members’ Financial Interests, tangential though it may be. I congratulate the hon. Member for Stretford and Urmston (Andrew Western) on his speech, much of the contents of which I agreed with. Some four years ago, when I was Housing Minister, I decided to hold a housing summit in my largely rural constituency—220 square miles of beautiful rolling Hampshire downland, much of it an area of outstanding natural beauty. About 150, shall we say, more senior members of society showed up for the event in a village hall, and it was obvious from the outset that I was heading for a beating. I began my remarks by posing two questions to the assembled group.”
“On the other side of town, they will see developments that look like the same old rubbish that is built anywhere else in the UK, and they will scar that beautiful town for many generations to come. We need a rigid aesthetic code looking at vernacular architecture. We need to put local authorities in charge, rather than having arbitrary decision making by the Planning Inspectorate. We need to get rid of artificially inflated land values through the abolition of the viability test. We also need some hard numbers that will add up to 300,000, or possibly more, as the hon. Member for Stretford and Urmston said. Then I think we would stand a chance of answering the question that we have to answer for the next generation: will their life be better than ours? If we can do all that, the answer may well be yes.”
“Hardly anything from that era will be deemed to be a conservation area, unlike so much of the mass development created by the Victorians. If we get the aesthetics right, along with providing local people with the certainty that they are in charge of their destiny on housing, acceptability will rise. Let me give the House an example. Anyone who has the joy of going to Stamford in Lincolnshire—I did not mention to my hon. Friend the Member for Grantham and Stamford (Gareth Davies) that I was going to mention his constituency—can see a game of two halves. They will find developments in the classic tradition that look like Stamford, and people queue round the block to buy those houses.”
“If we get rid of the viability test, we would get an actual market for land and it would be possible to overpay. We would then see realistic values and get more land coming through. Finally, one of the key elements for the acceptance of housing in local areas, alongside the need for the restoration and strengthening of neighbourhood planning, is a strong sense of aesthetics. I certainly see this in my constituency. I have joked in the past that if they would only build thatched cottages in my constituency, we could build thousands of the damned things. Aesthetics matter. When we look at some of our historic towns and cities, we see that they have been scarred by previous generations building rubbish stuff. The houses that were built in the 1960s and ’70s have largely been—or will largely be—bulldozed and replaced.”
“If we can create certainty by putting local authorities in charge, with those hard targets, they will know that they have their fate in their own hands and we can just get on and build. The second element of the planning system that needs to be removed is the viability test. Many developers over-densify and hide behind the viability test. They do the local community out of its rightful contribution from the uplift in value because they show a spreadsheet of whether a development is going to make money or not and they justify adjustments here and there. That is particularly the case in London, where it is simply impossible to overpay for land. The viability test says that anyone who has overpaid for land can just build a 44-storey skyscraper that will pay for their effective overpayment and largesse.”
“Developers, councillors and local people are gambling on what is going to happen, and somebody in a suit, male or female, from Bristol—the planning inspector—will be the final croupier who decides who wins the game of poker. That is just not good enough. As the hon. Member for Stretford and Urmston said, certainty is what produces results. So for me, the first step is the abolition of the Planning Inspectorate, alongside setting hard targets for local authorities but giving them an absolute right democratically to choose where those houses should go in their area. Hopefully that will be brownfield, and some of it may indeed be garden villages. It is a great sadness to me that the Oxford-Cambridge arc seems to have been abandoned by the Government; I had huge ambitions for that part of the world.”
“I do not think that anybody believes that we should not be delivering 300,000 houses today. When I was Housing Minister, I had a church totaliser on my whiteboard showing me where those houses were going to come from and how we were going to get there. For me, there are broadly three things that we need to do. The first involves the planning system. It has long been an obsession of wonkery that the planning system needs to be swept away because it is not working, yet local authorities tell us that 92% of applications are approved and that it is functioning. They do, however, express a frustration with it, which is that the system as it is currently configured has become a huge game of poker.”
“In the United States, for example, a brain drain is taking place from major coastal cities such as San Francisco, New York and Washington DC as young, highly productive people who cannot access housing are leaving in large numbers. In this country, we might see that spreading to other parts, but because we are a smaller country geographically, we will see other impacts. We have seen lower household formations over the last 20 years than we have before, along with a declining birth rate, and more and more young people are choosing to live and work overseas. The history of human economic achievement has shown us that the closer we gather and crowd together, the more productive and innovative we are, so there is going to be a long-term impact for us overall, economically as well as individually. Now, how do we deliver those houses?”
“I am pleased to say that my constituency overall is forecast to take something like 30,000 homes over the next 10 years or so. There are some questions to be asked about where the houses are going and what they are going to look like, but those are fundamentally the only two questions that we have to ask. We are building a lot. Indeed, I hope that over the next 10 years, Andover, the main town in my constituency, will get close to double the size that it has been in the past. This is not just a problem for those individuals who are denied housing; it is a problem for the nation as a whole. We can see the impact of restrictions on housing and the inability to access housing elsewhere.”
“It is extremely important to recognise that small house builders, which were largely wiped out in the 2007-08 crash, have not re-emerged. Does my hon. Friend think the Government should look at the generation of new house builders—in the ’70s we had Lawrie Barratt and the chap behind Redrow, these big house builders—in the same way that they are looking at the generation of new scientists and new companies that promote science and technology? They have a strategy and funding all of their own, but I have yet to see anything that would stimulate new house building companies for the future. Does he agree that is something the Government should look at?”
“My hon. Friend is making a very good speech. On the numbers given by my county colleague, my hon. Friend from the Member for Isle of Wight (Bob Seely), at the current rate of building, which is 200,000-odd homes a year, outstanding permissions would account for four or five years’ supply. That is in an uncertain planning environment, where seeking planning permission, as I illustrated earlier, is a huge gamble. Does my hon. Friend the Member for Milton Keynes North (Ben Everitt) agree that it is more likely that land prices are driven by the existence of the viability test, which means that you cannot overpay for land, rather than land prices being driven by the value of the property—that is, downwards? That means that land is at an unrealistic value.”
“Would the Minister at this point like to address the issue that a number of us have raised about the removal of hard targets and the uncertainty that that creates, particularly for the industry? For example, as she will know, gearing up to deliver 300,000 homes a year is a huge logistical exercise that requires massive capital investment to produce bricks, building machines and all sorts of stuff. That requires a very long horizon of certainty of delivery. If there are no targets, how is she going to give that certainty to industry?”
“I, too, congratulate the Secretary of State on a profoundly Conservative step forward in dealing with the waiting list issue. Does he agree that the provision of greater patient choice holds out the possibility of stimulating more investment in private sector capacity, particularly for volume procedures such as hips and knees? However, the private sector, to make such heavy investments in facilities, requires long-range certainty. As waiting lists fall, will he review the threshold—the time limit—at which patients can seek private sector assistance in getting their operation done more swiftly, so that the efficiencies of the private sector can be realised for the system as a whole in the longer term?”
“Given the Secretary of State’s answers to my hon. Friend the Member for Winchester (Steve Brine) and my right hon. Friend the Member for Basingstoke (Dame Maria Miller), could I press him a little further for some clarity on the replacement for Basingstoke hospital? Could he confirm that it is agreed that a replacement is needed for the hospital; that the money is in the budget to do so; and that, notwithstanding the complexities regarding the site that he outlined in his previous answers, a site will be found and a new hospital will be open in the early 2030s to serve all of our constituents?”
“I hesitate to tangle with the hon. and learned Lady on matters of law, but, given all that she has said, would she also support the repeal in Scotland of what some might say are even more draconian measures that surround protests? For example, protesters have by law to give 28 days’ notice to the police if there is to be a protest. The offence of malicious mischief has been used against Just Stop the Oil protesters, which has an unlimited fine and unlimited prison sentence. In 2021, the Scottish Government applied for restrictions to be placed on protests around the Scottish Parliament building where we have seen many arrests and, indeed, people banned for long periods for protesting. I just wondered whether her Committee or, indeed, she had a view on those matters.”
“I have a lot of respect for the hon. Gentleman, but he is giving the impression that north of the border in Scotland, no protester is ever arrested, convicted, or indeed put in prison. However, over the past five or six years, there have been numerous occasions when protesters have been arrested, convicted and imprisoned in Scotland, and indeed when protesters have had restrictions placed on their ability to repeat their protest. I was reading in the paper about a young lady in Glasgow who was restricted from continuing with her protest while on bail, so obviously the Scottish Government are drawing a line somewhere between these two competing rights. That is all the British Government are seeking to do in England and Wales.”
“Members have to digest two quite complicated bits of legislation at the same time. I realise that for a lot of colleagues, holding more than one idea in their head is possible, but for a number of us, particularly given the complexity of cryptocurrency and its implications, that is a huge imposition. Putting the two instruments together will not, in my view, give us a coherent debate on what are two quite important bits of legislation.”
“On a point of order, Mr Gray. In recent months, I have been a member of several Delegated Legislation Committees for which the Government have put two instruments together to try to rush them through, or get them through. In some cases, the two have been connected in some way, not just because they are from the same Department but because they are thematically connected. Although that is not entirely desirable, we can see the rationale for it. In this instance, however, we have two statutory instruments that are completely unconnected, besides their departmental interests. The first deals with the consequences of leaving the EU and the regulation of commodity groups; the second deals with consumer exposure to financial instruments. They are not the same thing. Taking them together necessarily means that hon.”
“In seeking to regulate the promotion of cryptocurrencies, the Government are, I am afraid, unwittingly giving them an element of legitimacy and bringing them into the same fold of investment as stocks and shares, bonds or anything that someone might put in their individual savings account. They will be promoted with a big banner headline, but at the bottom, tiny type that nobody reads will say, “The value of investments can go down as well as up. You could lose the farm, your house—everything—on this investment.””
“While bitcoin, ethereum and others—there are now hundreds, if not thousands, of these cryptocurrencies out there—are supposedly fungible and exchangeable, they effectively rely on trust between individuals as to the value, and an opinion of the value, unlike normal cash and assets such as the pound sterling or the dollar, which rely on the Government or the central bank standing behind the value of the currency. That makes them very different; it also makes them very volatile. There have been massive plunges in the value of bitcoin, for example, over the past few months: I think it is down something like 36% in just the past three to six months. That makes me wonder whether we want our constituents to be exposed to this currency—if it is one—at all.”
“When I see this kind of legislation coming forward, I am not necessarily convinced that the full implication of the journey on which we are heading with cryptocurrency has been appreciated. You will recall from your history studies, Mr Gray, the Dutch tulip bulb madness of, I think, the 18th century. Tulip bulbs became a form of currency, many a family were bankrupted to purchase one or two bulbs, and thereafter the market crashed. It was based on an imputed value of something that had no connection to reality. I am afraid that the same is true with bitcoin.”
“It is a pleasure to appear before you, Mr Gray. There are many reasons for not just consumers, but Governments, to fear cryptocurrency. The growth in cryptocurrency effectively represents a loss of control in nation states of our money supply, and a loss of control by co-ordinating nations across the world of the global money supply. At the moment, cryptocurrency capitalisation, if you like, or gross valuation is anywhere between $1.2 trillion and $1.5 trillion, against a global liquid money supply of about $50 trillion, so it is not a huge percentage. Nevertheless, it could have an impact at the margin, and it is only going to grow. The Government should be careful about seeking to legitimise the use of cryptocurrency, not just among individual retail investors and users but among businesses.”
“No one has actually answered the question, before we bring in this regulation, of whether we think retail consumers should have access to this asset class at all.”
“Two students in a back room with a bit of sophisticated computer programming knowledge can create a class of NFTs and sell them—and people do buy them, sometimes for thousands of pounds. The idea that they should be excluded from the regulation seems to me to be a bit strange. To conclude, I am concerned that a Government running helter-skelter towards cryptocurrency are not looking far enough ahead at the consequences. I realise that there is now a global consensus that crypto is a good thing, and we cannot be like King Canute and stick our finger in the dam, but cryptocurrencies present questions about the controllability of economies in the future. No one has yet come up with a solution to the significant and escalating crime problem that cryptocurrencies represent.”
“Member for Hampstead and Kilburn said, although NFTs are carved out in this legislation and are deemed to be different because, thus far, they have largely been used as collectibles because they are supposedly digital works of art, there is growing evidence that they are being used as a means of exchange and that, slowly over time, they will become fungible. It will not be long before there will be—in fact, there already are—central exchanges of NFTs that mark a price on them. We will have classes of price for different NFTs that will make them, in effect, the same as bitcoin. If the Government aspire to bring in this regulation, they really ought to include NFTs.”
“Strangely, criminals worked out that they too had a passport and a utility bill and therefore found it fairly easy to open a bank account. We are certainly seeing much higher levels of money laundering, particularly around drugs, than there used to be, and that is now very much enabled by cryptocurrencies. Given how much more susceptible such currencies are to being used in money laundering, fraud and crime in general, because they are much less trackable and traceable, I would be interested to know from the Minister why the existing rules will make any difference at all. My final point is about the exclusion of NFTs. As the hon.”
“I realise that that is growing every day, but when it gets a stamp of respectability I worry that it will become like the economic equivalent of cigarettes, which were out there for years causing millions of people to die of lung cancer before we stamped a health warning on them all. By then, they were just too legitimised for us to do anything about them. I worry about that in particular. My second major point is about fraud and money laundering. I understand that one reason the Government want to bring cryptoassets into the fold is to give fraud and money laundering legislation greater purchase. However, we have to reflect on the fact that over the past 30 years we have had ever greater attempts by Governments of all stripes to introduce legislation to deal with fraud and money laundering yet it is worse than it ever was.”
“The Bank reckons that about £1.5 billion is in suitcases under the bed, held in cash savings or otherwise. The rest, I am pretty certain, is involved in crime. The same will be true, I am afraid, of so many of these cryptoassets. I will not necessarily vote against the draft order, but the Government have to ask themselves whether they are legitimising a form of exchange that in the long term is likely to be damaging to the country’s economy and the global economy, and to those individuals who invest in it. For all the warnings that we put on things, once this sits alongside all the other investments that an independent financial adviser will offer, it becomes a legitimate option. At the moment, it is an esoteric investment available only to the most sophisticated of those looking to invest.”
“As the Government regulates—and therefore brings into the fold and adds a veneer of legitimacy to—this form of exchange, they are effectively facilitating transfers between the illegitimate and criminal market and the legitimate market. An individual will never know from whom or where their bitcoin is coming when they buy it from their investment adviser. It may well have been through the hands of several organised criminals before it gets to them, and unlike many £50 notes it will not bear traces of cocaine or heroin. We have seen the scale of the problem with cash in this country. The Bank of England has about £70 billion-worth of cash in notes and coins in circulation. Only about £20 billion is seen through the tills, so £50 billion is somewhere else.”
“The hon. Gentleman raises an interesting point. Of course, traditional investments very often have some foundation in reality. A stock or share very often has a company behind it that is producing revenue or otherwise. A bond will have the same thing. With bitcoin, all that is being sold is the assumption that somebody else will pay for that asset, even though there is no asset whatever that sits behind it. That is where it is subtly and importantly different. The other thing to bear in mind is that cryptoassets are being overwhelmingly used in international organised crime. They have become the equivalent of the £50 note, in that they are being used by large international crime syndicates to move money around the world, largely undetected and unmolested by Governments. That is another major problem and a reason to be wary.”
“I just want to take the Minister back to his point about NFTs. He said that they are not a form of investment, but I am afraid that they are. People are investing thousands of dollars in NFTs, and particular groups of NFTs, and effectively holding them as a collection as they would fine wine or art. They are certainly not a consumable. They are designed to hold value and to be disposed of at a future date, which is why NFT exchanges exist. Secondly, does my hon. Friend accept that bringing NFTs into the investment fold grants them an air of legitimacy? We are saying, “This is a legitimate investment, notwithstanding the risk. We’ll give you some protections and the FCA will provide investment advice.” It makes such investment more legitimate than it otherwise would be.”
“In the past few months, we have learned that we need to take care because our regulatory organisations are not always watertight on looking at systemic and structural risk in financial markets, commodities or otherwise.”
“The trading of commodities and commodities futures, particularly at a time when there is more and more algorithmic trading and artificial intelligence being used in trading, means that we should take care in this complicated area of regulation and legislation. One thing I could not find in the information given to us on this SI was why the current rules were introduced. What problem were they trying to solve? I acknowledge the supposed cost of these calculations, while being a little sceptical about them, given the amount of automation that so many of these traders use. Nevertheless, that rationale has not been offered to us, so I would be grateful if the Minister explained why the original rules were devised as they were and what problem they were deemed to be solving.”
“I am grateful for your indulgence a second time, Mr Gray. Again, in delving into the details of the legislation, I wish to urge a little caution about this regulatory approach. The trading of commodities and, in particular, commodities futures can have a huge impact on the price our constituents pay for ordinary goods in their everyday lives. In history, attempts have been made to manipulate those prices. In the 1950s, two traders attempted to corner the onion futures market in the United States. That resulted in the Onion Futures Act, which is still extant in the US and forbids the trading of onion futures. Similarly, we saw—in the 1980s, I believe—a 10-year project by a trader at Sumitomo bank to corner the copper market, which eventually collapsed and failed.”
“While I understand the Minister’s admirable desire to deregulate where he can and save money for firms—although as I said, I would be interested, given the level of automation, in understanding exactly what cost is required—I am concerned that we are unwittingly creating further problems for ourselves. What risk assessment has the Minister done of those problems occurring?”
“When we remove regulation from a section of the market, we are not necessarily providing the kind of reassurance that others might need when they look to their counterparty risk in futures trading in particular. When I contemplate trading in whatever it might be, whether it be in copper futures or something else, and I am trading with counterparties in that market, some will be FCA regulated and others will not be. How will that be reflected in the market, as I necessarily trade in the commodities that I have, and therefore what greater risk is being presented to me as a trader within the market?”
“With the abandonment of this test for a number of organisations that, in effect, do not have to record that their trading is only ancillary, the calculation that they are doing, which they now do not have to do, is not revealing how much of the market they either individually or collectively make up. Given the example of the Bank of England and the structural problem that liability-driven investment phenomenon in pension funds caused us, I am concerned that we may be exposing ourselves to a structural problem here, without knowing. My final point is about the dynamics of the market. As the Minister will know, when trading in commodity futures, whether on one’s own account or speculatively as a hedge fund, one is relying on one’s counterparty in that trade being good for the money or the commodity—whichever comes to fruition.”
“The fact that no firm has exceeded the limits for speculative trading may be because the limits were in place and there was a notification requirement. Obviously those limits for speculative trading were there for a reason: some kind of systemic threat was deemed to be posed, either to the individual organisation or to the market as a whole. I guess I am asking: what problem are we solving here, other than cost to these firms, and are we exposing ourselves to future problems? The Minister will know that part of the calculation is the market share test, which does what it says on the tin: it works out who is trading the largest part of any particular market and therefore whether their trading is likely to present any kind of risk, either to other participants in the market or to the market as a whole.”
“Okay. Well, in all circumstances my view is that we need to take care about the extent of regulation, and whether and how we include things within a regulatory envelope. I just ask that people take care. My first question to the Minister was: why were the previous rules adopted as they were? What problem were they deemed to be solving? Why will that problem not reoccur with these rules? Paragraph 7.7 of the explanatory notes to this SI states that “since the test and annual notification was introduced in 2018, no UK firms have exceeded the threshold of speculative trading activity and therefore the requirement to inform the FCA about the outcome of the ATT every year was particularly burdensome.” That is a cause-and-effect argument.”
“I understand the Minister’s point. I am aware of the fact that it is perfectly possible for a company that is trading in a commodity to have futures trading, which is what we are talking about here—commodity derivatives trading—as an ancillary function of its overall business. For example, the Man Group, of which I am sure the Minister is aware, started as a cocoa and sugar ordinary trader. It had a small derivatives department, which was actually algorithmic black box trading—commodity trading adviser trading—which grew and grew. In the early days of the Man Group, under the test, that would have been ancillary to their trading. Nevertheless, it would have been a reasonably big part of the market.”
“Can he confirm that funding will be provided to police and crime commissioners on the basis that they are incentivised to maintain police officer numbers in their forces, not least because, as we have seen over the last decade, in areas controlled by Labour or independent police and crime commissioners, they have failed to prioritise police numbers, which is why, proportionally, they may now be below the numbers in areas that are controlled by Conservatives?”
“Can I offer my congratulations to the Minister, the team at the Home Office, the National Police Chiefs’ Council and everybody involved in what has been a massive effort over the last three years to recruit the extra 20,000? Remembering that the gross recruitment to backfill retirements is about 45,000, it has been an enormous job and they have done a fantastic job, not least given that they were doing so in the teeth of a pandemic, which required some ingenuity. As the Minister says, however, this is only half the battle. Maintaining the number where it currently stands will be the next stage.”
“Will she perhaps think about shifting the thresholds upwards so that we do not constrain the growth that we so need in the economy?”
“I draw attention to my entry in the Register of Members’ Financial Interests. As the Minister says, the Government are legislating in advance of next year. Can she reassure the Committee that as we approach next year, the Government will review not just the headline rate—a juicy and necessary source of income for the Treasury—but the thresholds? The media are full of the fact that at over £250,000 profit, people will be paying the higher rate, but there is also a transitional zone between £50,000 and £250,000 profits, which is exactly the ellipse of small company growth where companies need that money to invest for more growth. If there is a detrimental impact within that transitional zone, will the Minister undertake to review it in advance of next year?”