Last month, the Chancellor of the Exchequer delivered his Autumn Statement with a clear intention to strengthen the economy and let it prosper. The Government has taken the welcome step to do that by putting money back in people’s pockets by cutting taxes.
The Finance Bill that we debated today in Parliament is how the Government hopes to do just that. First, it supports British businesses by allowing them to invest for less, which will encourage innovation and enhance productivity. Secondly, its measures will improve and simplify our tax system, which will ensure that it is fit for purpose.
As I set out in my opening remarks, I am proud of our country and the number of people who are now in work compared to 13 years ago. The rate of youth unemployment has consistently fallen during this time, meaning that people across the country have a stake in the success of our economy’s success.
I have seen this first hand in Ruislip, Northwood and Pinner, which the statistics tell us is very much a constituency of workers. Locally, we see exceptionally high levels of employment and a higher than average than the rest of the UK. Many of those are beginning their careers or work in small businesses and it is for them that I support this piece of legislation.
