- Posted by: Valerie Vaz MP
- Category: News
The Finance (No.2) Bill enacts the measures announced in the Chancellor’s Autumn Budget. I voted on the Bill as it returned to the House for its Report Stage and Third Reading on Wednesday 2 February 2022.
New Clause 17. This clause required the Government to publish an impact assessment of the changes in the Act as a whole on tackling climate change and the UK reaching Net Zero by 2050. The Chancellor only made passing references to the climate crisis in his Budget speech and has failed to grasp the opportunities of green investment. I voted for the New Clause, which did not pass, Ayes: 228, Noes: 306.
New Clause 27. This clause required the Government to produce an impact assessment of its new anti-money laundering levy, and assess how a register of beneficial owners of property would contribute to the levy’s effectiveness. It is well-established that some individuals own properties in the UK for the purpose of money-laundering, and it is past time the Government clamped down. I voted for the New Clause, which did not pass, Ayes: 230, Noes:301.
Amendment 35 would remove the Government’s plan to cut the banking corporation tax charge from 8% to 3%, costing the taxpayer £1 billion a year by the end of this Parliament. It is astonishing that the Chancellor is pressing ahead with this tax cut when so many working families are struggling with the cost of living. I voted for the Amendment, which did not pass, Ayes: 228 and Noes: 301.
This is a Budget with the wrong priorities, somehow side-stepping both the cost of living crisis and the climate crisis. I voted against the Bill at Third Reading, which passed Ayes: 302 and Noes: 226.