Speeches by Reynolds.

“I beg to move amendment 1, in clause 1, page 1, line 21, leave out subsection (3). This amendment would remove subsection (3), which prevents recapitalisation payments from being required where the Bank has directed a financial institution to maintain an end-state minimum requirement for own funds and eligible liabilit…”

“I commend the Bill to the Committee.”

“May I also take the opportunity to thank the officials of the House and you, Ms Jardine, as well as the Treasury officials who have worked so hard on the Bill? We still have some stages to go, but it is an opportune moment to do that. Question put and agreed to. Bill, as amended, to be reported.”

“Thank you for calling me, Ms McVey. It is a pleasure to serve under your chairmanship for the first time, and I am sure not the last. I thank the hon. Member for Southgate and Wood Green (Bambos Charalambous) for drawing attention to these issues and for bringing this debate on debt cancellation to Westminster Hall tod…”

“I am not sure that is something we are actively considering, but I will check and write to the hon. Gentleman. In December 2024, we were the first country to publish our self-assessment against the G20’s operational guidelines for sustainable financing. In line with those guidelines, we publish annual reports on the to…”

“I am coming to that. It is an exaggeration to infer from that that it becomes a new norm. It does not. I am certainly not going to write next year’s Budget or the year after’s Budget—that would be way above my pay grade in any case—but we are introducing this clause precisely because the former Government failed to kee…”

“It is a bit of an exaggeration to read into this change, which we have introduced because the previous Government failed to keep the levy in line with inflation, and somehow infer from that—”

“I welcome the Opposition’s support for the clause. For quite some time there has been cross-party support for the CCA scheme. I welcome what the shadow Minister said about the Opposition’s support for the extension of that scheme for energy-intensive industries. The shadow Minister asked me about the UK chemicals indus…”

“It is a great pleasure to serve under your chairmanship, Ms Vaz. The clause makes changes to the main rates of the climate change levy, or CCL, with effect from 1 April 2026. The Government are increasing the main rates of CCL on gas, electricity and solid fuels by the retail prices index to maintain the incentive for …”

“Obviously kerosene is zero rated, but the effect of the clause is to increase the main rates of CCL on gas, electricity and solid fuels by RPI. That is in line with what we announced at the Budget, and takes forward those measures, so hopefully it will come as no surprise to hon. Members. Question put, That the clause …”

“I hope the clause will not be controversial, although we are always surprised by Opposition Members. The clause will make changes to ensure that various errors and omissions in three pieces of legislation are corrected. I will go through them in turn. First, subsection (1) will amend paragraph (d) of section 151I(1)—th…”

“I thank the hon. Lady for her intervention, but I am not entirely sure that I follow the logic. The purpose of CBAM, as I have said, is to ensure that if a product is produced using carbon in another country, we do not have leakage across the border. The overall impact will vary depending on the sector’s exposure to CB…”

“The clause will enable the commissioners for HMRC to prepare for the introduction of the UK carbon border adjustment mechanism and allow information to be disclosed for the purposes of developing the CBAM. The Government are committed to reaching net zero by 2050. As we make progress to decarbonise, we must ensure that…”

“I thank the shadow Minister for his comments. If he will bear with me, I will speak generally about clause 82 before I address his amendment. Clause 82 will make changes to ensure that HMRC can secure the resource it needs to implement the vaping products duty. The duty will be legislated for in this Bill and will come…”

“In my view, a cryptocurrency is a type of cryptoasset, but I will check that. Question put and agreed to. Clause 81 accordingly ordered to stand part of the Bill. Clause 82 Duty on vaping products”

“The clause makes changes to ensure that the Treasury has the power to make regulations to implement the cryptoasset reporting framework, which is also known as the CARF. The CARF was developed at the OECD, and the previous Government supported its development and committed to the UK’s implementing it, so I hope the Con…”

“I thank the Opposition for their support. Question put and agreed to. Clause 79 accordingly ordered to stand part of the Bill. Clause 80 ordered to stand part of the Bill. Clause 81 OECD crypto-asset reporting framework Question proposed, That the clause stand part of the Bill.”

“Clause 79 closes a known route for tax avoidance by making changes to the taxation of chargeable gains when a limited liability partnership is in liquidation, and clause 80 closes a loophole through which some taxpayers have attempted to avoid the company tax charge known as section 455. On clause 79, the Government ha…”

“I thank the shadow Minister for his questions. I think from his comments that he knows this, but the clause is a paving measure for legislation that will be introduced. There will be further detail in draft legislation that will come in a future Finance Bill, so I cannot give him that detail today, but I take into acco…”

“I thank the shadow Minister for reiterating that there was indeed cross-party support in 2018 when the previous Government introduced the soft drinks industry levy. I say gently to him that if the previous Government had kept the levy in line with CPI, we would not be in this situation. The shadow Minister asked what c…”