MP: SNP should reconcile themselves to Brexit
During Treasury Questions in the House of Commons today, John asked two questions,
“Does the Minister agree that despite ‘Project Fear’ forecasts, we have record high employment, very low unemployment, strong inward investment and trade deals in abundance? The SNP needs to get over the fact we have left the EU, and start focusing on its poor record – particularly when it comes to education, the economy and financial transparency?”
The Minister, Victoria Atkins MP, congratulated John on his honour and said he described the situation well.
Later, John asked,
“Despite being the gateway to most services in the City, I suggest the London Stock Exchange is ailing – CRH and ARM being the latest canaries in the coalmine. Whilst welcoming the Edinburgh reforms, what further consideration has the Chancellor given to my suggestion that tax incentives be introduced to encourage our domestic pension funds, the big beasts in the City, to invest in British equities given that since the financial crash of 2008-2009 they have reduced their exposure to equities by up to 90%, in stark contrast to most other developed economies?”
The Chancellor, Rt Hon Jeremy Hunt MP, responded that John was right that £3 trillion of pension fund assets could have better returns in high-growth companies, and said that John should watch this space.
John said afterwards,
“It is encouraging the Chancellor is looking to use tax incentives to encourage investment in British equities. The depth of our pension funds could be better harnessed for the benefit of pensioners and British companies alike.”
Notes to Editors:
- For more on John’s question on pension funds, please see his recent article (https://commentcentral.co.uk/pension-funds-should-invest-in-britain).
