Gareth Davies
MP for Grantham and Bourne · Conservative · United Kingdom
“Will the Trade Minister address that point when he responds to the debate, and confirm that the Government still hold these concerns about practicality? Labour Members have been questioning that.”
“Not right now, and I have already taken an intervention from the hon. Lady. Finally, and more broadly, we worry that the campaigners ultimately want this ban to become a gateway to a wider ban on trade with Israel. If that is the case, they simply do not accept the importance of the relationship that we have with Israel.”
“I will make a little progress in the interests of time, because I know that Members will want to hear from the Minister. It is the official Opposition’s view that a proposed ban on the trade of Israeli settlement goods and services will bring about the same result as I have been talking about and will prove counterproductive and ineffecti…”
“These include the decision to cancel trade talks while Hamas were still holding hostages after the 7 October attacks; the decision to impose export licence suspensions while Israel was burying hostages so barbarically taken from their loved ones; and the decision to recognise a Palestinian state when no formal peace process had been agree…”
“I thank Members from across the House for their contributions today, and I congratulate the hon. Member for Sheffield Central (Abtisam Mohamed) on securing this debate on trade—granted, of course, by the Backbench Business Committee.”
“] I see that you are asking me to conclude, Madam Deputy Speaker. We firmly believe that the proposed trade embargo would have no practical effect whatever on the situation in the region. We are concerned that it is part of a broader push by Israel’s opponents to isolate the Jewish state politically and economically.”
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“I am confident that this policy is the right one, not just for the wine industry, but for the whole of the United Kingdom. Question put and agreed to.”
“Overall, these reforms to our alcohol system simplify our tax duty. That is a Brexit freedom. Under the last slight change to our alcohol duty system in 1996, we had to take duty from the European Union, which was incredibly complicated, completely inconsistent, and did not include any provision for public health. Our easement gives businesses time to adapt to the new system and put in place measures to be able to administer it. Wine can still be labelled to 0.5% ABV. DEFRA has introduced guidance and an option to label to 0.1%, but I want to be really clear that that is optional. I thank my hon. Friend the Member for Colchester for raising this important sector and this important issue. It is right that the Government’s fiscal approach continues to be scrutinised in this way.”
“We have also held the tax rate steady over the last three years, which has protected businesses from inflationary pressures at a cost of £14.5 billion to the Exchequer. This Government have never given the sector reason to doubt our commitment to it, because it has received many cuts or freezes to duty over the last decade. I can tell my hon. Friend the Member for Colchester that the wine industry has benefited from cuts or freezes to wine duty at five of the last 11 fiscal events. Compared with 2015, wine duty is some 12% lower in real terms. That is something we can all raise a glass to. Finally, I will address the comments by my right hon. Friend the Member for Witham (Priti Patel), who, rightly, has consistently raised the issue of red tape for businesses in the House. She specifically mentioned labelling.”
“That is why we extended the retail, hospitality and leisure relief scheme—a 75% relief—up to a cash amount of £110,000 per business between 2024 and 2025. In addition to the work being led by my colleagues at the Department for Environment, Food and Rural Affairs on their package of wine reforms, which will increase flexibility and innovation, the Government have announced a freeze to the small business multiplier for the fourth consecutive year, for 2024-25, protecting over 1 million ratepayers from a multiplier increase. That builds on the unprecedented support that we should never forget we offered the industry during the pandemic—some £16 billion of business rate support.”
“We have outlined that three years after they come into effect, which is enough time for us to be able to assess them, we will conduct an impact assessment, which will allow His Majesty’s Revenue and Customs to gather the relevant information to understand any long-term impacts in the alcohol market. That commitment complements the broader fiscal approach, because at the last autumn statement we announced tax cuts that supported the alcohol and hospitality industry. We froze alcohol duty for six months until 1 August 2024. We also announced a package of business rate changes and tax cuts worth £4.3 billion over the next five years. My hon. Friend the Member for Tewkesbury (Mr Robertson) was right to highlight the difficult time that our hospitality industry has gone through in recent times.”
“Friend the Member for Stevenage (Stephen McPartland) has called for, would go against the principle of the alcohol reform to move to a strength-based system that brings in the public health element. As I have already said, although the impact on wine is clearly being felt, we have provided an easement over a period of time that was decided in consultation with the wine industry in four rounds of consultation before the reform comes into being. I can commit to my hon. Friend the Member for Colchester that we will monitor the reforms and their impact.”
“I recognise completely that a shake-up of a system that has existed for more than 140 years will raise some eyebrows and cause change for a number of businesses, but we should be confident that the bureaucratic burden under the new system is manageable. Every other product is already subject to duty based on our strength-based system. We have included, as my hon. Friend the Member for Colchester rightly pointed out, the weather impact of wine, and included cider, which is also subject to seasonal variability challenges. We are mindful of unintended consequences, as several right hon. and hon. Members have outlined, but to make the wine easement permanent, as my right hon.”
“For our domestic growers of English sparkling wine it has gone down significantly, even with the retail price index increase that we saw last year. That is the right thing to do for our domestic growers. It will ensure consistency in our system and build success for British wines, which my hon. Friend and I want to see. Secondly, as has been extensively discussed today—I will come on to this in more detail and address some of the points that have been made—we introduced a wine easement for 18 months until February 2025. As a result, all wine between 11.5% and 14.5% alcohol by volume will be subject to duty as if it were 12.5% ABV. That means we have effectively given the wine industry time to adapt to the new system and allow wine producers to adapt their systems.”
“As part of the changes, which came into effect in August last year, we have supported our wine sector. Let me set out how we have done so. First, we removed the sparkling wine premium. My hon. Friend the Member for Meon Valley (Mrs Drummond) rightly spoke about our domestic growers, a really important part of our wine industry. I recently met the chief executive officer of WineGB. I can tell her that we have removed the English sparkling wine premium. Since 1 August 2023, sparkling wines attract less duty than they did under the previous duty system. That is one of the points that I want to make today. In such a reform some duty has gone up for some sectors in the alcohol industry and some has gone down.”
“We introduced a new, simplified alcohol duty system based on the common-sense principle of taxing alcohol by strength to modernise the existing duties, to support businesses and to meet our public health objectives. This is the first time that public health objectives have been inserted into the alcohol duty system. That reflects four key principles, which it might be helpful for me to set out: the duty system should be fair to the producers that make and grow the drinks we enjoy; it should recognise the importance of jobs, and of pubs and their role in our national life; it should tackle the problem of harmful high-strength products being sold too cheaply; and it should support innovation and modern drinking trends, in particular today’s trend of moving towards lower-alcohol products. Our reforms do just that.”
“In the past few weeks alone, therefore, I have for example met the head of the all-party parliamentary group on wine and spirits, my right hon. Friend the Member for Altrincham and Sale West (Sir Graham Brady), and the highly active Wine and Spirit Trade Association to discuss how this remarkable industry’s potential can be truly uncorked. My officials have engaged with businesses and representatives of the UK industry up and down this country as part of budgetary processes that one might expect, from the more well-aged players such as Majestic Wine to the younger vintages such as Ambriel Sparkling. On behalf of the Government, I am proud to represent our alcohol duty reform package and to present it to the House. We have introduced the biggest reform of alcohol duties for more than 140 years.”
“It is a great pleasure to see you in the Chair, as always, Mr Henderson. I congratulate my good friend, my hon. Friend the Member for Colchester (Will Quince), on securing the debate and on the attendance that he has achieved. I recognise the strength of feeling on this across the House and in particular in this Chamber today. I completely share his support for our broader alcohol sector. Not only is it a significant contributor to our gross national product, but I would suggest that it pays a little towards our gross national happiness. It is part of our heritage. From Shakespeare’s plays to our modern British sparkling wines, we have long recognised how life’s triumphs and trials—weddings, wet weather and the working day—can be soothed or celebrated with a glass of our favourite tipple. I recognise that.”
“This Government are committed to supporting all parts of the United Kingdom. In October we announced the £1.1 billion long-term plan for towns, which gives 55 towns up to £20 million of endowment-style funding. We are delivering an ambitious programme of investment zones and devolution deals, we ae continuing to support local growth through the UK shared prosperity fund and we are investing billions to improve local transport connections in our regions outside London.”
“This Government are committed to levelling up by boosting growth, raising living standards and spreading opportunity throughout the country in several different ways. The hon. Gentleman talks about giving more power to local areas, and he will know that the Cambridgeshire and Peterborough Combined Authority is getting a £97 million devolution deal. He will also know that Cambridge received some £14 million as part of the shared prosperity fund to spend on local projects. I reject his assertion; the people of Cambridge are benefiting from this Government.”
“The Government continue to work with Ofgem. In fact, I met the chief executive officer very recently. Ofgem continues to monitor the levels of energy debt to ensure that consumers are protected. The hon. Gentleman will know that, last year, the Chancellor announced measures to ensure that households with prepayment meters paid no more than those with standard meters, and that is on the back of the energy price guarantee, which effectively paid 50% of people’s household energy bills.”
“The energy security investment mechanism was designed, as my hon. Friend points out, to give more certainty not only to the oil and gas sector, but to investors, ensuring that the energy profits levy is disapplied when prices return to historically normal levels. To provide additional certainty, on the back of urging from him and the industry, we have agreed to legislate for ESIM and will be announcing that shortly.”
“I can tell my hon. Friend that 750 staff are employed across all Departments at the Darlington Economic Campus. The Treasury’s aim is to reach 355 full-time staff by March 2025, and we are on track to meet that target. The official name of the campus will be decided closer to the 2025-26 delivery date and will be consulted on by the Government Property Agency, but we have heard very clearly his suggestion of William McMullen House, and we will consider that in due course.”
“It is right that we all feel pride in the UK capital market structure, but I want more people to speak with pride about our stocks—the stocks that they own today or may own in the future. Our capital markets have helped shape the country that we live in. They have helped us make this country more prosperous, they have created more jobs and they have made us more competitive overseas. The Government are working to ensure that that remains the case for many years to come by making our markets more attractive, competitive and, crucially, accessible. I am proud to be taking forward that important work with colleagues from across the House, and to have been able to speak about it today under your chairmanship, Ms Nokes. Question put and agreed to.”
“This agenda is underpinned by a commitment to openness, competitiveness, growth, dynamism and innovation in financial services, as first set out by the then Chancellor, now Prime Minister, in 2021. When those principles are properly applied, they have an impact far beyond financial markets. They can be a way to open the doors of our boardrooms to a far wider range of people, democratising our capital markets and inspiring individuals throughout the country to take an active interest in our markets, while making sure that more people have experience and an understanding of the risks and rewards that are such a vital component of our capital markets. Our capital markets in this country are a source of great pride, including to me, having worked in them.”
“Alongside the regulatory reforms, the Government are looking to reverse the trend of British investors—both institutional and individual—shifting away from investing in UK equities. As my right hon. Friend points out, the statistics are pretty stark. They have been on a downward trend for many years, and that is particularly evident in our pension funds. As he rightly said, at Mansion House the Chancellor began the process of announcing the Mansion House compact, which will see 11 major defined-contribution pension schemes allocate at least 5% of their default funds to unlisted equities, unlocking capital investment in high-growth companies. With the pension reforms now in train, we expect the pension pot of a typical DC saver to increase by as much as £16,000 over the course of an average career.”
“In the autumn statement, the Chancellor announced his plans to explore options for a NatWest retail share offer this year, and a wider ambition to get the public buying more shares. My right hon. Friend the Member for Vale of Glamorgan rightly said that we should get Sid investing again. For those who do not know, that is a reference to an advertising campaign that only Members of a certain vintage will appreciate—it is entirely lost on my private office. I will move on quickly to some of the wider issues. My right hon. Friend talked about Charlie Geffen’s accelerated settlement taskforce, which will upgrade our back-office operations for the 21st century. This year will mark substantial progress in all three of the investment cycle stages that I have set out.”
“That will boost the operating environment for our capital markets in two important ways: it will increase the pool of investors participating in capital raises, and it will enable firms to raise larger sums of capital more quickly. Finally, we want to ensure that, once listed, companies are matched with the best investors for their offering. We welcome the FCA’s commitment to consult on the changes to the unbundling rules this spring. That was a recommendation of Rachel Kent’s investment research review. Subject to the outcomes of that consultation, the FCA will make relevant rules in the first half of this year. We aim to revive the research market by delivering more efficient and accurate pricing, in particular for small and medium-sized enterprises.”
“The Pisces platform will give private companies better access to capital markets and break down the artificial regulatory cliff edge between public and private markets. This development will allow investors to take advantage of the structural shift to private markets, rather than suffer from it. Secondly, we want to ensure that, when companies choose to list, the process is as easy and frictionless as possible. A fortnight ago, the Economic Secretary took the UK’s new prospectus legislation through Parliament, paving the way for the FCA to complete its entire rewrite of the prospectus regime’s rulebook to deliver on the recommendations of the Hill and Mark Austin reviews, which my right hon. Friend the Member for Vale of Glamorgan referred to.”
“But he is right that we must go further and use this as an inflection point to ensure that we are delivering on the promise and opportunity presented by our capital markets. That is why we are taking further steps now and supporting companies through every stage of their investment lifecycle. First, we will ensure that companies can scale up effectively so that they are primed and ready for listing. To do that, as my right hon. Friend alluded to, we are establishing a world first—a new class of exchange. The private intermittent securities and capital exchange system—catchily named Pisces for short, thankfully—will be established by the end of this year. He asked for assurance, and I can assure him on that timing.”
“As a result, firms can now trade in the most liquid market and get the best price for investors. We have also set statutory growth and competitiveness objectives for our regulators and introduced new accountability mechanisms to ensure delivery against those objectives. Following the passage of FSMA 2023, we are taking forward a host of new initiatives, such as the digital securities sandbox, which will test the use of distributed ledger technology in trading and settlement. That is just one of a huge range of reforms coming in the near future. The result of those reforms is that after three and a half years, we are now within sight of making the UK’s public markets match fit again, which my right hon. Friend and I both seek.”
“That started with Lord Hill’s 2020 UK listings review, alluded to by my right hon. Friend the Member for Vale of Glamorgan, which builds consensus on how to boost IPOs and capital raising on UK capital markets. He will be aware that in 2021, at Mansion House, we launched the wholesale markets review to consider how we could use our new-found regulatory freedoms to make UK markets more competitive. Next came our solutions to the problems that we had diagnosed. I am happy to say that reform has progressed across all those areas, not only in our legislation and our regulatory regimes, but in the culture and mindset of the Government and of regulators, which is not to be underestimated. The Financial Services and Markets Act 2023 delivered the wholesale market review’s most urgent changes.”
“In 2021, more than £17 billion of capital was raised for firms in the UK—a 15-year high. Over 120 deals were completed in that year alone. Of course, we have not been immune to the limited IPO activity caused by market turbulence across 2022 and 2023, yet in 2023 the London Stock Exchange raised more capital than Frankfurt and Amsterdam—the two largest exchanges in the European Union—combined. More importantly, this Government recognise that there is always more we can do to improve our markets and make them even more open and competitive. My right hon. Friend mentioned that the first step on our reform journey was, as the Economic Secretary to the Treasury stated in a speech last week at Bloomberg, to diagnose the problem—to acknowledge that there was a problem and then seek a way to fix it.”
“Friend alluded to, capital markets also have a more immediate impact through the allocation of capital, facilitating investment, which drives growth and jobs, and creating investor returns. That helps to build a market that is buzzing with opportunity and optimism and attracts the best and the brightest, bringing new energy and ideas to our economy, all of which drives economic activity in every part of the country. It is worth pointing out that of the about 1 million people employed in the financial services industry, two thirds are outside our capital city. That is not always appreciated. However, London is an international powerhouse in its own right, with a foreign exchange market three times the size and a derivatives market about 50% bigger than those of the United States, making the UK a genuine global hub for investment.”
“A FTSE 100 or S&P 500 stock will be owned by teachers, nurses, firefighters and lots of other regular people who, by owning stocks through their pensions, have a stake in the success of the company and the wider economy, and a means to benefit when both those things do well. It is an extension of what Noel Skelton, a former Member of Parliament for Perth, said in the 1920s when he talked about a property-owning democracy. It is the idea that if people have a stake in our economy, they become more engaged with the economic outcomes of the country, which in turn become more equitable, because they engage and affect normal people in more prescient ways. In that way, strong capital markets that people can easily access, interpret and utilise can be an incredible tool for broad-based engagement with our economic systems. As my right hon.”
“It is a pleasure to serve under your chairmanship, Ms Nokes. I congratulate my right hon. Friend the Member for Vale of Glamorgan (Alun Cairns) on securing the debate, and I thank him for his remarks about our capital market system, which I will address in some detail. I am grateful for the opportunity to set out the key role that capital markets play not just in our UK economy, but in wider society, which I have long spoken about not just in this House, but in my career in financial services before coming into politics. No matter the size of the company or how many countries it operates in, behind every major listed company are thousands or even millions of investors who own a stake in that company, and own a stake in a country.”
“In the instances that he described, the rates have been rounded down; others have been rounded up, which is why other rates have gone up. He is right that helicopters are not part of the APD regime, but they do incur fuel duty, and buying a helicopter incurs VAT.”
“I am grateful to the hon. Gentleman. I remember very well the exchange at the last fiscal event, and I note that since then, the leader of the Labour party has developed a new passion for flying in private jets courtesy of foreign Governments. Let me try to address the hon. Gentleman’s concerns and explain what is going on here. The industry is notified of air passenger duty 12 months in advance. It is uprated by a forecast of RPI and those rates are then rounded to the nearest pound. He asked a very reasonable question about how that shakes out in terms of the actual rates. It largely depends on how they are rounded to the nearest pound; the actual rate is determined by whether the figure is rounded down or up. He pointed out particular types of aircraft and particular bands.”
“The Bill implements the rate changes that were announced at the spring Budget last year, based on a forecast RPI, as I have described, but the principle that the hon. Lady talks about is absolutely right. We have in this country an established principle that the further someone flies, the more they pay. Long-haul flights are subject to a greater rate than short-haul flights, as are private jet flights, for which the rate is increased.”
“The rate on private jets is significantly more than any commercial flight passenger will pay. Question put and agreed to. Clause 24 ordered to stand part of the Bill. Clause 26 Vehicle excise duty exemption for foreign vehicles Question proposed, That the clause stand part of the Bill.”
“Gov.uk guidance states that usually such vehicles must be registered and taxed with the Driver and Vehicle Licensing Agency if the keeper becomes resident or stays longer than six months. However, in advance of making regulations, the Department for Transport has already announced the exemption from VED for individuals in the UK under the family, sponsor and extension Ukrainian visa schemes driving vehicles with Ukrainian number plates. The clause will ensure that individuals fleeing war in Ukraine who have not yet registered their vehicles in the UK do not face costs and administrative burdens associated with vehicle taxation and registration while they are temporarily in the United Kingdom. I commend the clause to the Committee.”
“Clause 26 enables regulations to be made exempting foreign vehicles, or foreign vehicles that meet certain conditions, from vehicle excise duty. In the first instance, the power will be exercised to provide for a three-year exemption in respect of Ukrainian plated and registered vehicles belonging to individuals granted visas under the various visa schemes introduced in relation to the conflict in Ukraine. As of 27 November, around 193,900 Ukrainians had entered the United Kingdom since the beginning of Russia’s illegal, unprovoked invasion of Ukraine in February 2022. The Government understand that a significant number have brought vehicles with Ukrainian number plates with them.”
“That is one of the reasons why the 150 people out of the 193,000 people who have already registered their vehicle cannot be included in this measure, but as I have said, we are providing support in other ways. On that basis, I commend the clause to the Committee. Question put and agreed to. Clause 26 accordingly ordered to stand part of the Bill. Ordered, That further consideration be now adjourned. — (Robert Largan.)”
“Let me attempt to respond to hon. Members’ comments. First, we should be very proud that our country has welcomed over 193,000 Ukrainians fleeing some of the most horrific circumstances imaginable. I completely agree with the hon. Member for Inverness, Nairn, Badenoch and Strathspey that we should not let the issue off the agenda or out of our minds. Just last week, the Prime Minister announced additional funding for the Ukrainian Government and people. We should be proud of that. On clause 26, it is right that we make the experience for Ukrainian people in the United Kingdom as simple as possible. I understand that colleagues would like this measure to have been implemented more quickly, but there are a number of administrative complexities that come with it.”
“Increasing the lower and standard rates of landfill tax by RPI in recent years has helped maintain a strong price incentive to divert waste away from landfill. The clause will increase the lower rate of landfill tax from £3.25 per tonne to £3.30 per tonne. It will increase the standard rate of landfill tax from £102.10 per tonne to £103.70 per tonne. In conclusion, the clause increases landfill tax in line with RPI from 1 April 2024, to maintain a strong price incentive for diverting waste from landfill. I hope that it can stand part of the Bill.”
“It is great to see you back in the Chair, Mr Paisley, and a pleasure to serve under your chairmanship. The clause increases the lower and standard rates of landfill tax, from 1 April 2024, in line with the retail prices index as forecast by the Office for Budget Responsibility at the time of the spring Budget 2023. Landfill tax is charged on material disposed of at landfill sites or unauthorised waste sites in England and Northern Ireland. The objective of the tax is to divert waste away from landfill, and support investment in more circular waste management options, such as recycling, composting and recovery. Since 2000, landfill tax has contributed to a 90% decrease in local authority waste to landfill in England.”
“I am grateful to the hon. Gentleman for that. I recall that exchange, and he is right to raise the issue of tax gap. Clearly, we all agree that we need it to be lower, and I assure him that at HMRC, every effort is being made to tackle the tax gap. I can update him; in 2021-22, the tax gap was 18.4%. As I say, HMRC is committed to continuing to tackle the gap, principally through two measures: first, through increased data sharing across Government agencies, and secondly, through the better use of intelligence-led interventions. Those two measures, particularly in 2022-23, recovered £280 million of compliance yield. If there are additional pieces of information and data that I do not have to hand, I am happy to follow up on those in writing. Question put and agreed to. Clause 28 accordingly ordered to stand part of the Bill.”
“The clause increases the rate of aggregates levy from 1 April 2024 in line with the retail price index as forecast by the Office for Budget Responsibility when the rate was announced in the 2023 spring Budget. Aggregates levy is a charge on the commercial exploitation of virgin aggregate, which includes rock, sand and gravel. The objective of the aggregates levy is to encourage the use of recycled rather than virgin aggregate in construction. Returning to index-linking the aggregates levy rate following a period of rate freezes will ensure the value of this price incentive does not fall in real terms. The changes made by clause 29 will increase the rate of aggregate from £2 per tonne to £2.03 per tonne.”
“Question put and agreed to. Clause 29 accordingly ordered to stand part of the Bill. Clause 30 Rate of plastic packaging tax Question proposed , That the clause stand part of the Bill.”
“The hon. Gentleman raises an understandable and legitimate question that many have asked, and I am happy to provide an answer today. As he points out, the aggregates levy was introduced many years ago and, at its introduction, was designed and introduced with the intention of being index-linked to inflation. However, over a number of years, the tax was subject to a specific piece of ongoing litigation; as a result of that litigation, the Government decided over many years that it would be inappropriate to change the tax and revert to index-linking during that litigation period. As that litigation has now concluded, and a review of the aggregates levy has concluded on the back of that, the Government have decided that it is now the appropriate time to increase the tax and return to how it was originally intended: to index it to inflation.”
“The clause makes changes to increase the rate of the plastic packaging tax from 1 April 2024 in line with the consumer price index. The plastic packaging tax is charged on plastic packaging that does not contain at least 30% recycled plastic. It was introduced on 1 April 2022, as part of the Government’s resources and waste strategy. The tax provides an economic incentive to use recycled plastic rather than virgin plastic in packaging. It is designed to create greater demand for recycled plastic, which, in turn, will stimulate more investment in the collection and recycling of plastic waste, diverting it away from landfill and incineration. Increasing the rate of the plastic packaging tax in line with CPI will maintain the real-terms value of the price incentive to use recycled plastic in packaging.”
“However, following the constructive engagement with stakeholders that I described, and across the whole plastic value chain, the Government understand that is not currently possible for businesses to use chemically recycled plastic in packaging and claim a relief from the tax due to the way in which the recycled content is calculated. I assure him that we will continue to engage with the industry, and we know that it is a matter of great importance to it. My hope is that that can form part of the plan to evaluate PPT in due course as well. Question put and agreed to. Clause 30 accordingly ordered to stand part of the Bill. Clause 35 Additional information to be contained in returns under TMA 1970 etc Question proposed, That the clause stand part of the Bill.”
“I am grateful to the hon. Gentleman and I am glad that he supports the taxation, which we were pleased to introduce in 2022. He is right to challenge us on the impact of the tax, and we have been clear that we intend to evaluate this when enough years have passed to be able to fully assess the impact. In December 2023, the Government came forward with a plan to evaluate the plastic packaging tax, and that is now published on gov.uk. I am happy to write to him with the provisions of that plan, which will be carried out to 2026. The hon. Gentleman talked about the chemical recycling and mass balance approach. He should know that we engage very closely and extensively with industry ahead of fiscal events. On that specific point, we recognise that chemical recycling is a legitimate form of reprocessing plastic waste.”