Charlie Maynard
MP for Witney · Liberal Democrat · United Kingdom
“It has mapped the illegal sewage spills at Thames Water sewage treatment works and found that, between 2021 and 2025, there were 1,231 illegal spills just in the Witney constituency, and 271 illegal spills in just one sewage treatment works, Faringdon.”
“I completely agree, and Thames Water’s full-year accounts are out at 7 am tomorrow morning. We will see just what they tell us. It is going to be ugly, not least because the company’s equity is worthless. The largest equity shareholders wrote down their shareholding to zero value and withdrew their board members more than two years ago.”
“This approach is costing customers an absolute fortune. Thames Water paid £338 million just in interest expenses in the six months to September 2025. That is £133 million more, just in interest expenses, than it paid in the same period the previous year.”
“Ofwat could then work towards a licence transfer to the mutual, rather than running a market sale. In conclusion, I have some questions for the Minister. If she is unable to answer them now, I would appreciate an answer in writing if possible. Have the Government sought legal advice on the SAR process from a specialist law firm?”
“I completely agree with my hon. Friend. That is what is going on up and down the catchment writ small, with treatment works deferred despite being crucially needed. In Aston, we have sewage running down the street year after year, and it is the same in Standlake. It is just disgusting, and there is no end in sight.”
“That does not require a competitive auction, as the legislation provides for a transfer approved by the Secretary of State and Ofwat.Nothing in the legislation states that either route requires a competitive sale, as the overriding objective in a SAR is continuity of public service, not maximising creditor returns.”
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“It has mapped the illegal sewage spills at Thames Water sewage treatment works and found that, between 2021 and 2025, there were 1,231 illegal spills just in the Witney constituency, and 271 illegal spills in just one sewage treatment works, Faringdon. West Oxfordshire district council has done great work in trying to hold Thames Water to account, as has WASP, which inspired the Channel 4 programme “Dirty Business”, which many hon. Members will have seen, so well done to Peter, Ash, Geoff and Vaughan. Despite Thames Water’s appalling record, residents have seen their bills skyrocket. I have constituents whose bills have gone up by 50% and 70%; I even have one whose bill has gone up by 93%. That is outrageous, but those bill hikes are not making the situation any better. That is because Thames Water’s financial situation is disastrous.”
“I will discuss the future of Thames Water, starting with Thames Water’s record of pollution and environmental failure, and how it impacts everyone in my Witney constituency. Thames Water serves the constituency and embodies the systemic failure of the national water sector. Last year, Thames Water pumped sewage into rivers and lakes for 107,822 hours. West Oxfordshire is very much ground zero for sewage. We have the Thames, the Evenlode, the Windrush, Shill brook and the Cole. We also have WASP, or Windrush Against Sewage Pollution, which has been so active in going after Thames Water’s bad behaviour.”
“This approach is costing customers an absolute fortune. Thames Water paid £338 million just in interest expenses in the six months to September 2025. That is £133 million more, just in interest expenses, than it paid in the same period the previous year. Labour is taking this hands-off approach despite the company’s multiple breaches of its operating licence. Let me illustrate some of those breaches. As I have stated, the company has carried out more than 1,000 illegal spills over four years. It must hold two investment-grade credit ratings as a condition of its operating licence, but it last held any investment-grade credit rating two years ago, in July 2024, and it has undergone a change of ultimate controller; yet the Minister, the Secretary of State and Ofwat have repeatedly refused to answer on that point.”
“I completely agree, and Thames Water’s full-year accounts are out at 7 am tomorrow morning. We will see just what they tell us. It is going to be ugly, not least because the company’s equity is worthless. The largest equity shareholders wrote down their shareholding to zero value and withdrew their board members more than two years ago. When Thames Water’s creditors sought to take on another £3 billion of debt last year, I was given permission to intervene in the High Court and speak for the interests of Thames Water’s 16 million customers, who are paying all these outrageous costs and interest expenses, but would otherwise have had no voice in court. This Labour Government have slow-peddled for the last two years, and have refused to draw a line under decades of Tory bad behaviour by putting Thames Water into special administration.”
“Absolutely. The consumers are getting the raw deal, and there is no end in sight. To qualify as an ultimate controller—it is a defined term—a party need only have material influence over Thames Water. The creditor consortium right now is negotiating bilaterally with the company, and has put in £3 billion, but somehow that does not make it meet the criterion. It is ridiculous, and frankly, seeing this failure play out was probably the single moment when I most despaired of government and the rule of law. I repeatedly ask the same question, and repeatedly do not get an answer. I find it really, really bad.”
“Importantly, it also increases the Government’s negotiating leverage with the class A creditor consortium by further increasing the credibility of the threat of a SAR. I am interested to hear from the Minister why the Department for Environment, Food and Rural Affairs is so reluctant to publish those tests. A SAR process would allow Thames Water’s debt to be written down substantially, very likely into single-digit billions. This write-down is crucial, and it is not punitive. The write-down should be sufficient for the company to leave the SAR with a balance sheet that is strong enough to manage the huge spend that will be required over the next decade or so on treatment works and pipe networks.”
“The Secretary of State and Ofwat both have discretion to apply to the High Court for a special administration order if that condition is triggered. I understand that the Government currently do not have, and have refused to publish, a SAR assessment policy. That is despite the Cunliffe review concluding that there is a need for “broad, judgement-based tests within a clear policy, that has been set out in advance, of how the regulator will assess failing companies against these tests, the factors it will take into account and the indicators it will consider.” That is from paragraph 793, recommendation 59, of the final report. Clarity around those tests and when a SAR will be used would benefit the water sector and its investors.”
“I thank my hon. Friend. Rather than having customers pay hundreds of millions of pounds of debt at ludicrous interest rates of nearly 10%, Thames Water should be taken into a special administration regime, which is commonly known as bankruptcy on insolvency grounds. I urge the Government to pursue a SAR on the basis of insolvency, as this is a more straightforward way to secure special administration than on a performance basis, and it will give the special administrator additional powers and a stronger position in relation to the creditors. The Water Industry Act 1991 sets out triggers linked to financial insolvency. Among them is the company being unable, or likely to be unable, to pay its debts.”
“I completely agree with my hon. Friend. That is what is going on up and down the catchment writ small, with treatment works deferred despite being crucially needed. In Aston, we have sewage running down the street year after year, and it is the same in Standlake. It is just disgusting, and there is no end in sight. A SAR process would allow the Government to use the period while Thames Water is in a SAR to put much of the good work from the Cunliffe review into new legislation, and to do the legwork to enable the company to exit as a mutual. Crucially, a SAR would not ultimately cost the Government anything—this really matters—because they will recoup all the funding spent on a SAR, as this new funding injected by the Government would be super senior to all other funding.”
“My apologies, Madam Deputy Speaker. I am grateful to the former Secretary of State for setting out in a letter to the Environment, Food and Rural Affairs Committee in June last year that “we expect that any Government funding required during a SAR would be recouped after the conclusion of the administration”. The current Secretary of State set out the same point in a parliamentary debate on 16 June. It is also worth noting that the Tories—there are not any in the Chamber—continue to refuse to acknowledge this, and that Teneo, Thames Water’s own expert adviser, stated the same in its report to the High Court in December 2024.”
“728.] Given that, will she confirm her Department’s position on mutual ownership models for water companies? What are the Department’s plans for exploring how we get there?”
“Will the Minister act with Ofwat to enforce the appropriate penalties on Thames Water for having undergone that change without having given notice, and will she provide an update on the negotiations between Ofwat and Thames Water? Will the Minister now take the London & Valley Water deal off the table, and work with the Secretary of State to apply to the court for Thames Water to be put into special administration? Finally, in response to a question about whether she would consider the Liberal Democrat call for water companies to be mutually owned public benefit companies, the Minister said: “I would be happy to see more mutual ownership of water companies, but the question is how we get there.”— —[ Official Report , 16 June 2026; Vol. 787, c.”
“Ofwat could then work towards a licence transfer to the mutual, rather than running a market sale. In conclusion, I have some questions for the Minister. If she is unable to answer them now, I would appreciate an answer in writing if possible. Have the Government sought legal advice on the SAR process from a specialist law firm? I appreciate that FTI Consulting has been instructed for many months, but that is not a substitute for legal advice. A proper, specialist understanding of the SAR as a legal process, and of the litigation risk—perceived or actual—of applying for a SAR, is critical. Will the Government commit to publishing a SAR assessment policy, and does the Minister agree that the creditors consortium has material influence over Thames Water, and therefore meets the ultimate controller test?”
“That does not require a competitive auction, as the legislation provides for a transfer approved by the Secretary of State and Ofwat.Nothing in the legislation states that either route requires a competitive sale, as the overriding objective in a SAR is continuity of public service, not maximising creditor returns. The Government could therefore set out at the point of SAR entry, or shortly after, that a mutual is the preferred exit route for Thames, and make that clear in the special administrator’s mandate. Work would need to be done in parallel with the SAR process to incorporate and put in place the governance framework for a new mutual, as well as more broadly updating water regulations to take into account the Cunliffe report’s recommendations.”
“There is now the opportunity for Thames Water to exit special administration as a mutual, owned and run in the interests of its customers, and to break the cycle of financial mismanagement and egregious environmental failings once and for all. Legislation sets out that a water company insolvency SAR can conclude in two ways: rescue, whereby the company is restructured, debts are written down or converted, and the existing legal entity continues in a modified form; or transfer, whereby the regulated undertaking is sold or transferred to a new owner.”
“I agree 100%, and that is what is so depressing; by continuing to demonstrate that the regulators have no teeth, we create a bigger and bigger problem for ourselves. The alternative to a SAR—a deal with the creditors, which, extraordinarily, seems to be the Government’s preferred option at this point—should not be countenanced. Giving these businesses, now operating as London & Valley Water consortium, yet more control of the company at ludicrously high interest rates would allow this downward spiral to continue. The Government must and can change course by using their power to ask for a SAR under existing legislation.”
“Will the Minister also update the House on the status and health of Craig and Lindsay Foreman, who are still imprisoned in Iran? Will the Minister recognise their detention as arbitrary and will he refer the case to the International Court of Justice? Will the Minister confirm that after the National Security (State Threats) Bill was passed yesterday, the Government will move immediately to proscribe the Islamic Revolutionary Guard Corps, the exporter of Iranian terror?”
“Iran is continuing to hold the global economy to ransom through its reckless strikes in the strait of Hormuz—we all agree on that. Meanwhile, Donald Trump’s continuing tit-for-tat retaliations risk dragging the whole region back into a full-blown conflict. This would threaten the lives of citizens across the middle east, while heaping even more economic harm on millions of British people already struggling with the spiralling cost of living. Donald Trump has claimed that the war has been a huge success, but in reality it has been a costly humiliation for the President. Will the Minister confirm what steps the Department is taking to get both sides back to the negotiating table? Are we working with our reliable allies to secure a diplomatic resolution?”
“Have these plans been drawn up together with the Ukrainians? They have shown with incredible effect how deep strike capability can be developed fast and much, much more cheaply than £37 billion. On defence funding, the Prime Minister discussed the possibility of collective financing and procurement models as a critical way to generate cheaper loans for military programmes and support greater interoperability. Will the Secretary of State update the House on whether any progress was made at the summit to bring together the existing Defence, Security and Resilience Bank and our own multilateral defence mechanism into a single European rearmament bank? Finally, the Secretary of State mentions El Obeid in Sudan and the thousands of lives at risk. The UK has the power to act, so will she proscribe the RSF, as has just been done with the IRGC?”
“However, there were some positive moments from the summit. NATO allies reaffirmed support for Ukraine, and the Prime Minister announced plans for the development of a new deep strike capability with our European partners. Will the Secretary of State outline how exactly the UK will provide its share of the £37 billion of funding for that capability? Even before that new commitment, as has been pointed out, the Government’s own defence investment plan delivered only just over half of what military chiefs deem necessary for our national defence. Together with the Secretary of State’s colleagues in the Ministry of Defence, will she consider how defence bonds could be used rapidly to support the UK’s contribution to that initiative, bolster the confidence of our allies and send a clear signal to our adversaries?”
“On behalf of my hon. Friend the Member for Bicester and Woodstock (Calum Miller), I thank the Secretary of State for advance sight of her statement. As we have come to expect of all major international summits, NATO’s meeting in Ankara was taken over entirely by Donald Trump’s tantrums and threats. He restated his claim that Greenland should become American, threatened the withdrawal of all remaining US troops from Europe, and once again lambasted allies for not joining his and Netanyahu’s calamitous war in Iran, which has upended the world economy and worsened a spiralling cost of living crisis for millions across Britain. That is no way to conduct international diplomacy. Did the Prime Minister make it clear to Donald Trump that his threats against Greenland are totally unacceptable?”
“On current trends, the total bill for working-age sickness and disability benefits is projected to rise to £78 billion in 2030, which means that it will have more than doubled in 10 years. Managing these economic pressures in an effective, fair and sustainable way is vital, so could the Minister expand a little on the work done to make sure that the evidence gathered is representative? Is work under way to address the root causes of these challenges in a holistic way, looking at everything from employment support to mental health? Can he also update the House on progress on merging PIP and universal credit incapacity benefit assessments?”
“We need the right support in place to ensure that disabled people and their carers can live their best possible lives, and the PIP system must be built around those principles. We must, however, recognise the structural underlying challenges in the operation of the system. In 2024 prices, spending on incapacity and disability benefits rose from £34 billion a year in 2019 to £51 billion a year in 2024, under the previous Conservative Government. The number of those economically inactive due to long-term health issues rose from 2.1 million to more than 2.8 million in the same period, and the figure is stuck at a similarly high level now. This is seriously worrying, and the UK is largely an outlier in that regard.”
“I thank the Minister and everyone involved in the review for their hard work; this is a difficult subject, so it is much appreciated. Today’s report has confirmed what perhaps all of us knew for many years, which is that PIP is supposed to act as a lifeline, but is administered through a broken system. Disabled people say that the application process actively disincentivises them from staying in work and maintaining an active social life. That is unfair on claimants and damaging for our economy, and it should worry us all. People deserve far better. We welcome this interim report, and we will engage constructively with the Government and play our role in the delivery of genuine improvements to the system. We want a society in which everyone can live independently and with dignity.”
“These commitments matter, because we made them, along with Israel, under the UK-Israel free trade agreement, which requires the UK and Israel to differentiate goods produced within green-line Israel—within the pre-1967 borders—and goods produced in the Occupied Palestinian Territories. That is a key point. At the moment, I think many Members of this House share the overall impression that the Government’s inaction means that they are talking the talk about protecting human rights and upholding international law, but not walking the walk. This is a Labour Government; bluntly, I expect more from them, so I really hope we will see something today on this issue.”
“Whatever that value is, we want services to be included in the sanctions. I am looking for a commitment from the Minister to a ban that includes services, and to the enforcement of that. On the Government’s non-enforcement of their own labelling measures, the Business and Trade Select Committee, of which I am a member, has written to the Government twice, most recently in April 2026 following a meeting with Palestinian delegates on 4 February and a Sub-Committee session with the Minister for Trade—I thank the Minister—on 25 February. The Government, however, have since refused the Committee’s request for evidence on enforcement of their current labelling measures. Will the Minister give us that evidence?”
“Members talked about the contrast with the speed at which the Government introduced sanctions on Russian-occupied Crimea and other illegally occupied parts of Ukraine, so I will not rehash those arguments, but the Office of Trade Sanctions Implementation and His Majesty’s Revenue and Customs play key roles in those sanctions, which they are not being asked to play in relation to these sanctions. Members also talked about how other countries, including Spain, the Netherlands, Ireland and Belgium, are implementing bans or legislating to implement bans. If we do not know how to do it, why do we not ask them how they did it? We might learn something. I want to stress the important subject of services. Compared with the value of goods, the value of services is unknown, but it is almost certainly large, perhaps much larger than goods.”
“We need to introduce a legislative ban on all UK trade in goods and services with illegal Israeli settlements. That should include a package of sanctions including large fines for any UK firms that bid for tenders relating to illegal settlement construction in the E1 area or elsewhere in the Occupied Palestinian Territories. These sanctions should extend to include any financial institutions here in the UK that through the provision of finance directly facilitate UK companies’ involvement in construction or other service provision for illegal settlements —and yes, we are all thinking about you, JCB. Various hon.”
“I thank the hon. Member for Sheffield Central (Abtisam Mohamed) for bringing such an important debate to the House. I appreciate all the speeches that have been given with such force. The issue is enormously important to many of my constituents in Witney. A disaster is happening in the Occupied Palestinian Territories. Some 2,000 people have been killed just in the west bank since October 2023, but that is just the tip of an iceberg of settler violence and state-sponsored violence that is carving up land and putting in barriers. Between half and three quarters of a million Israelis now live in settlements in the west bank that are illegal under international law. The Israeli Government have doubled down on this with their active plans for a massive further expansion in the E1 zone, while the UK Government look on passively.”
“Regarding contracts for difference, will the Government now consider moving from a 100% revenue guarantee model to a partial coverage model, along the lines of what Australia now has?”
“What the sector needs alongside this is a serious long-term plan on fuel duty RPI indexation, which threatens to push costs higher again next April, on driver recruitment and retention, where the shortage remains acute, and on the transition to cleaner vehicles, where smaller operators have been left without a credible path to decarbonisation. We will support this measure through Parliament because the people driving these lorries deserve the relief now, not after another round of consultations.”
“Margins were being squeezed by rising insurance costs, driver shortages and the lingering disruption of years of post-Brexit paperwork. The Iran conflict has simply poured fuel—at £1.85 a litre—on to a fire that was already burning. The VED holiday saves a typical operator about £600 a vehicle. We welcome every penny of that, but against a fuel cost shock that is adding £1 billion a year to the industry’s cost base, it is by the Government’s own figures a quarter of the problem. Many operators will burn through that saving in a matter of weeks at the pump.”
“I also note that the cost of this change has not been set out, only that it is “subject to scrutiny by the Office for Budget Responsibility and will be set out at a future fiscal event.” Personally, I do not think that is good enough. The Treasury team should set out the cost of any change in the tax take, whether positive or negative, when it is proposed. Finally, the 12-month vehicle excise duty holiday for HGVs is a sensible and welcome measure, and we will not oppose it. Our hauliers, such as Chris Hayter in Witney, are critical. They are the backbone of our economy, and I understand that the Minister knows them well. We need to be honest about what this change is and what it is not. Our haulage sector was already in crisis before the conflict in Iran. Insolvency rates in road freight have been running at record levels.”
“Over that period, the costs of fuel, insurance, tyres and servicing have all risen materially, so while 55p is a meaningful correction, it is questionable whether it fully catches up with accumulated inflation. This change will have a positive impact overall, not least for people in professions such as care work, who do a lot of driving between appointments. I refer again to the Lib Dem proposal to cut fuel duty by 10%—if the Chancellor took that proposal on board, it would combine with the increase in mileage allowance to make a significant difference in the pockets of people who often have to drive for work.”
“If legacy renewable generators—those on the renewables obligation, not those already under CfDs—sign up to a wholesale contract for difference, they exchange their volatile wholesale revenues for a fixed strike price. That is obviously good news for consumers, who are insulated from future gas price spikes on that portion of generation because the generator is no longer passing through the wholesale prices, and the Government capture any upside via the Low Carbon Contracts Company when wholesale prices rise. The second motion will increase the mileage allowance. Again, this seems a logical step, and one that we are happy to support. I note that the 45p rate has been frozen since 2011, so it has been 15 years without an adjustment.”
“We support the goal of seeking to fund cost of living support through emergency revenue measures during the gas price shock, but we also note that power wholesale prices are now around £90 per megawatt-hour, compared with a spike of £135 per megawatt-hour and a pre-Iran conflict price of £80 per megawatt-hour. How much is this measure likely to raise, given the move in prices? It feels like the horse may have already bolted, so I would be interested to hear the Minister’s thoughts on that. We recognise that this measure is a nudge to accelerate the shift of legacy renewable generators away from volatile wholesale prices and towards fixed contracts for difference, using a higher tax rate as leverage.”
“The electricity generator levy is a windfall tax on UK electricity generation from nuclear, renewable and biomass sources, and it raised £0.7 billion in the last financial year. The EGL is a revenue-based tax that currently applies at a rate of 45% on exceptional generation receipts above a benchmark price of £77.94 per megawatt-hour, with an allowance of £10 million per company. In contrast, the energy profits levy applies to oil and gas production in the UK and the UK continental shelf, and raised £2.9 billion in the last financial year.”
“Pubs are facing many of the same pressures that are hammering small local businesses across the board: spiralling food prices, high rents, sharp business rate increases, soaring energy bills, increased employer national insurance contributions and rising wages. As an entrepreneur who spent 24 years building a business, the overall situation scares the daylights out of me. I am not envious of them in that position. I am grateful to Nick at the Old Crown in Faringdon and Tommy and Mike at the Three Horseshoes in Witney, who sat me down and talked through just how tough it is to run these businesses. The Minister is smiling at me because he is a Witney boy, so he understands.”
“A year on, things are even worse. The British Beer and Pub Association said that 161 pubs closed in the first three months of this year alone in England, Scotland and Wales. That is about 2,400 jobs. Those in rural and coastal constituencies have been among the hardest hit, and according to UKHospitality, running costs for pubs have risen by an estimated 43% since 2019. One third of hospitality businesses are operating at a loss, six in 10 have cut jobs and 63% have reduced staff hours. That is bad. Anyone knows that pubs are much more expensive than they used to be. That is hurting customers, as fewer people can afford an evening out. When a plate of fish and chips costs 15 quid, that is hardly surprising. It is obviously not because pubs are raking it in. Sadly, quite the opposite is true.”
“It is a pleasure to serve under your chairship, Mrs Hobhouse. I thank the hon. Member for Meriden and Solihull East (Saqib Bhatti) for securing this important debate and I thank all my colleagues who gave such excellent speeches, which set out not only how much they love their pubs, but the struggles that they face. That is the important thing. I do not want to talk about how much those pubs matter to our communities or how much fun I have had in pubs over the years, because the thing that we must focus on is the big screaming problem. We need to take it seriously. Warm words go only so far right now. We have a huge problem that is hitting pubs every day, and we have to do something about it. I will set out how big the problem is. In the first half of last year, more than 200 pubs closed in six months. That is eight a week.”
“While I recognise that the Government have subsequently acknowledged the crisis facing Britain’s pubs, the package of support that they announced at the start of the year, including the 15% cut to pubs’ business rates bills from April and a two-year real-terms freeze, was only a partial U-turn, and it will still leave many pubs facing a business rates increase on top of the other cost pressures that I have listed.”
“In west Oxfordshire and the Vale of White Horse, we have fought really hard to enforce making pubs assets of community value, so that everyone understands that they cannot make a quick buck from buying a pub, turning it into a house and selling it—the cost to the community is far too great. But being a community asset alone does not pay the bills. We have to make those pubs into survivable businesses. The changes announced in last year’s autumn Budget—the business rates revaluation and the removal of reductions that dated from the covid pandemic—led to extreme distress for publicans.”
“Well, there you are. It is a wonderful pub, and we need to keep it open. This is all doubly tough for rural pubs. City pubs have a much larger catchment of potential customers who are within walking distance and not car-dependent, which matters with drink driving. Rural pubs are likely to rely on oil, liquefied petroleum gas or electric heating rather than the gas grid, and they have a small labour pool from which to hire. On top of all those hurdles, pubs in the countryside are much more significant to their communities, as they are typically the only pub in the village and a key hub in village life, as so many Members have pointed out.”
“It would also help with recruitment, as we would not need to spend thousands and waste months on visas for key staff, many of whom are from outside the UK. Being back inside the European single market for electricity would reduce energy bills, because we would be able to buy and sell electricity when the UK or the EU had surplus energy. I am not pretending that the move would solve everything, but those outcomes would materially help. However, there are plenty more problems that we would still need to deal with.”
“I thank my hon. Friend for that point. Business rates feel so unjust—so arbitrary and out of control, and appeals are virtually impossible. We all beg the Minister to put doing something about that at the top of his list, because they are so grossly unfair and really rip the heart out of running a business. We need to pick those problems apart and work out what can be done. As announced just an hour ago by our mighty Lib Dem leader, my right hon. Friend the Member for Kingston and Surbiton (Ed Davey), getting back inside the EU’s single market would help in a number of ways. Food costs would go down if we were back inside the single market, both in pubs and on supermarket shelves. That matters: it would allow food to be sold for less, making pubs more affordable and getting more people through the door.”
“We are also calling for a consultation on a new NICs band of £5,000 to £9,100, with a lower rate to better support part-time workers, on whom the hospitality industry heavily relies. I have already covered business rates, so I will not go into them further. On energy costs, the crisis in Iran has obviously made many costs, not least fuel prices, worse rather than better in the last few months. That is causing enormous pain. We would remove the main renewables levy from household energy bills, putting £270 back into people’s pockets over 18 months. That would be funded by a new windfall tax on big commercial banks, targeting the windfall interest payments they receive from the quantitative easing-related reserves they hold at the Bank of England.”
“As my hon. Friend the Member for Lewes (James MacCleary) points out from a sedentary position, I am not suggesting that we rejoin the European Union. Employer national insurance contributions are the single biggest nightmare. It is a tax before getting out of bed, before generating any revenue and before making any profit. It is a huge mistake by Labour, and a direct result of Labour Members straitjacketing themselves into foolish promises about not touching any of the big three taxes. It needs to be unwound. Equally, we have strongly opposed the Government’s changes to employer NICs at every opportunity, and we have called on them to reverse the tax rise in full.”
“Absolutely. I will finish by saying that we need to look in the round at the massive cost pressures and changing consumer habits, from lower footfall to falling discretionary spending power, which combine to put pressure on pubs. A one-off package of business rates support is one thing, but we need to get back into the single market, fix NICs, reform business rates properly, fix energy costs and give pubs and hospitality a 5% VAT break. If we do not do those things, pubs in my constituency—the land of your birth, Minister —will keep going bust. We want to avoid that.”
“It is clear that the creditors’ consortium has material influence over Thames Water, as it is funding the company and bilaterally negotiating with the Government. Material influence means that the consortium meets the defined criteria of being an ultimate controller. Will the Secretary of State finally acknowledge that fact and work with Ofwat to enforce it?”
“Finally, I ask the Minister to spell out how he will ensure that people on the state pension are not dragged into paying income tax on it, so that we can give peace of mind to older people on low incomes.”