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I couldn't get into Treasury Questions to ask @Jesse_Norman about the Loan Charge today. These are the points I would have made:
1. Sir Amyas Morse's report raises the point that the Treasury was still losing significant test cases up to 2015 and it was only resolved by the Supreme Court in 2017.
2. The review also said that 2017 legislation's retrospective elements were completely without legal precedent.
3. Based on these points, the proper break point should be 2017, not 2010, which seems like a compromise pulled out of thin air.
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David Davis
@DavidDavisMP
The Treasury’s forecasts in the past have almost never been right and have more often been dramatically wrong. Take their forecasts for the effects of a Leave vote made in May 2016.
They said that in the 18 months after the referendum the economy would contract by at best 0.1 per cent and at worst 2.1 per cent. Instead, it GREW by 2.8 per cent. This is an error of 4.9% - up to £100 billion.
If Parliament rejects the Government's current proposal, then the Government can press for a Canada+++ free trade deal backed by technical solutions on the Irish border.
Read 8 tweets
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David Davis
@DavidDavisMP
I have spent the last few days in Washington talking to US Government Trade and Treasury officials encouraging a free trade deal with the UK. Excellent response. They have already started on the procedures to allow negotiations to start immediately once we leave the EU in March.
This will not be possible if we accept the Government's proposed deal with Europe, which will block every avenue of negotiation with America.
We have to have a Canada+++ deal to allow us to have a free trade deal with America
Read 4 tweets
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David Davis
@DavidDavisMP
Today we set out more detail on how we think the UK, as a third country, can continue to cooperate with the EU on security and keep our people safe and prosperous.
As I travel around Member States I hear how much our partners value the UK commitment to the EU’s security.
A relationship based solely on existing third country precedents, as some seem to be suggesting, would lead to a substantial and avoidable reduction in our shared security capability.
Read 4 tweets

Related threads

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Mark850 - @nobigfish - Mark Watkinson
@nobigfish
1. I make no apologies for the length of this thread as 1000s have been living with the strain of #LoanCharge for years & it reflects what we've endured.I urge you to read this,especially if you are in the media.This thread contains links to facts evidencing HMRC & Gov behaviour.
2. Years, decades even, of inaction & inefficiencies by @HMRCgovuk now mean that 100k contractors face ruin with 20yrs of retrospective tax in the #LoanCharge. I found out about this over 10 years after first using a scheme.
3. Former chancellor @philiphammond sums up perfectly in a separate statement on tax of what 20yrs of inaction by @HMRCgovuk signalled to people. Also remember these schemes were never illegal. How his attitude changed to suit his own agenda in respect of #LoanCharge
Read 52 tweets
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Keith M Gordon
@keithmgordon
1/6 I cautiously welcome the announcement of Sir Amyas Morse as the individual to lead the review into the loan charge. As a chartered accountant and former head of the NAO, he certainly has the skills to look at this topic.
2/6 It is understandable why the review has been given such a short timetable, but this will leave many people wondering whether there is sufficient time to allow the review to be as thorough as it needs to be.
3/6 I hope that, if at any time in the next two months Sir Amyas considers that more time will be needed, he will feel able to request an extension and require all enforcement activity related to the loan charge to be suspended in the meantime.
Read 6 tweets
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KT #Ode2Joy Parker🐬
@lunaperla
Today is possibly .@theresa_may's last day as PM, if .@BorisJohnson can command a majority (which is in some doubt...)

So it's a great opportunity to look back at some of the *highlights* of Mrs May's premiership in memes👇
13 JUL 2016: May was appointed as PM and named her Cabinet shortly thereafter, surprising many by giving 3 of the top #Brexit-related jobs to arch-brexiters Boris Johnson, David Davis & Liam Fox. Sheer folly, or genius in making them own what they'd sold? Sadly, the former😢
/1.
5 OCT 2016: With such a narrow result, the country could be forgiven for expecting May to propose a consensual solution, as Norway PM Erna Solberg had done in a similar situation. Most Remainers would've accepted #Norway.

May's #CitizensOfNowhere speech crushed all hope.
/2.
Read 71 tweets
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Sam Hooper
@SamHooper
The thing I find most frustrating about British politics is how nearly everyone with political power or a media platform is myopically focused on how Britain navigates the next few years, while there is no national conversation about where we want to be in 10, 20 or 50 years.
Both sides of the Brexit divide are guilty. Continuity Remainers want only to reverse Brexit and make it so that the EU referendum result was nothing but a bad dream. Hard Brexiteers have their platitudes about Britain swashbuckling its way to WTO rules-based free trade glory.
The truth is that Britain has entered a state of political discontinuity, where the old left/right political divides, "acceptable" policies & talking points are no longer adequate to the issues we face. We're not alone; other Western countries face the same, but are ignoring it.
Read 36 tweets
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Martin Cooper
@mpc_1968
1/ A few clips from last week's DExEU SC am session. @SeemaMalhotra1 asks Sir Amyas Morse (Comptroller and Auditor General, National Audit Office) if there will be enough time to draft and pass the 800 Statutory Instruments (SIs) needed before March 2019.
2/ Sir Amyas Morse : 'And the other thing that is true, you might reach the end of the transition period and find that you don't have the agreement that you thought you were going to have, at all!'
3/ @hilarybennmp : 'Which do you think is going better, preparing for a deal or for a no-deal?' @julianHjessop (Chief Economist and Head of the Brexit Unit, Institute for Economic Affairs) is scathing!
Read 9 tweets
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Paul
@PaulOnBooks
Esther McVey is not particularly clever. She cannot master a complicated brief. Nor is she liked by colleagues or voters. So why was she forced on the electorate of Tatton, a very safe Tory seat? Why was she given a ministerial position of such huge importance?
Simple answer: she is callous and unscrupulous to a degree that amazes even other cabinet members (and they're a pretty unsavoury bunch).

Now we have this extraordinary letter made public by Sir Amyas Morse, Comptroller and Auditor General of the National Audit Office.
"I am now reluctantly writing an open letter to you to clarify the facts." (It would be unprofessional of Sir Amyas to say "liar, liar, pants on fire.")

theguardian.com/politics/2018/…
Read 8 tweets

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