Speeches by Baldwin.

“One question on that. In terms of public policies, it is clearly important that the UK has the ability to grow food. That is at the heart of this, because if you, who are all very economically rational people, suddenly say, “Well, there are more productive uses of that land,” we would lose the ability to produce food. …”

“Finally, should stamp duty be reformed?”

“Does everyone else agree with that?”

“On their worldwide assets?”

“You do not know. Are there any aspects of the changes that the Chancellor brought in last year that, if reviewed and changed, would stop something that is as yet unquantified but seems to be a reduction in potential future tax revenues accruing to the UK economy?”

“No one knows the truth of this, but do you think the figure is higher or lower than what the Office for Budget Responsibility estimated would be the impact? Just a one-word answer.”

“Or do you think people have left the country but just not as many as in some of the reported examples?”

“Do you believe as a panel that people have not left the country, then?”

“But do you all accept that since last year’s Budget there have been reports from New World Wealth, the Adam Smith Institute, the Institute of Economic Affairs, Oxford Economics, the Centre for Economics and Business Research—a range of different organisations—all saying that people with wealth have left the UK? Do you …”

“Obviously. Do you think that people who have wealth are more mobile internationally than people who do not?”

“I was going to ask about that, because does anyone seriously think that if the Chancellor came in and said, “This is a one-off, and I am just going to top-slice a chunk of what you have accumulated over your life”, anyone would believe that?”

“Are there any examples where that did not happen?”

“Are there any examples of things that the Chancellor did in last year’s Budget where the outcome has been that we have got less of one of the things that she chose to tax?”

“Do you all accept—again, with a yes/no answer—that if you taxed wealth in the way outlined at the beginning by Professor Advani, you would get less wealth? Witnesses indicated assent.”

“Philosophically—again, this is a yes/no question—do you believe that if you tax something, you get less of it?”

“To go back to wealth taxes, if I may, clearly the context is that a Labour Chancellor, a Labour Government and lots of Labour Back-Bench MPs are calling for a wealth tax. I wanted to set the context and ask up front if any of you are, or have been, members of the Labour party.”

“On a point of order, Dr Murrison. I appreciate that this is the Minister’s first time responding to a debate in Westminster Hall. My point of order is simply that she may wish to consider putting her entry in the Register of Members’ Financial Interests on the record.”

“I am glad that the hon. Gentleman anticipates the rest of my contribution. Has the hon. Gentleman read the impact assessment that the Labour Government have put out for the Bill? It estimates that the cost on businesses will be £5 billion. I ask him how he thinks that will end up. It will not end with a hiring spree, I…”

“It is an honour to serve under your chairmanship, Dr Murrison. I congratulate my hon. Friend the Member for Spelthorne (Lincoln Jopp) on securing the debate. I welcome the Minister to her position; I believe that this is her first opportunity to contribute from the Dispatch Box. I heartily congratulate her on her achie…”

“Does the hon. Gentleman wish to deny the employment facts from the Office for National Statistics?”