Our evidence session with Alistair Darling, @George_Osborne and @PhilipHammondUK on the economic impact of #coronavirus is just about to start.

Watch it live here:

parliamentlive.tv/Event/Index/ff… Image
We're underway! Watch it live here:

parliamentlive.tv/Event/Index/ff… Image
.@George_Osborne said a challenge for Government is how to withdraw necessary support schemes to keep people in work and businesses afloat.

Another challenge involves business loans that have kept zombie companies on life support. Image
Alistair Darling told the Committee that "at some stage, if you're spending lots of money, you're going to have to pay for it".

A Government like ours can carry that debt for some period. The risk is clamping down the economy prematurely. Need to get economy growing again. Image
.@PhilipHammondUK said that he would not be comfortable with running debt levels of 100% of GDP forever. But over the course of two years, debt to GDP level would not be the primary focus. Image
.@PhilipHammondUK told us that every initiative that the Government takes must fit into its long-term strategies, such as achieving #netzero by 2050.

He also said that the the key should not be preserving jobs, but maintaining employment. Image
.@PhilipHammondUK also told us that he thinks high street banks are uncomfortable being pushed to make loans to customers that they're not equipped to deal with, knowing that a large proportion of #bouncebackloans are likely to go bad, but rules require them to pursue the loans.
.@George_Osborne told us that "if you want the protection of the state, you need to pay your tax, either as a business or an individual." Image
.@George_Osborne said that the #coronavirus crisis has shown that there is a "sharp educational divide" between kids who can learn online at home and those who can't. Image
.@George_Osborne also said that whilst we're trying to #SaveTheHighStreet, the "ridiculous" Sunday trading laws should be scrapped.
.@George_Osborne said then when a Government starts to depend on its central bank as a source financing, that's where you potentially get a risk.
.@PhilipHammondUK said to place a second shock on ourselves with a no-deal #Brexit would disadvantage us.

If it's not possible to get an "all singing all dancing deal" in the next few months, the Govt should consider an "interim trade deal" as an extension has been ruled out. Image
Alistair Darling said a no-deal #Brexit would be "absolutely disastrous". Going through #coronavrius, "you'd have to be mad" to want to end up in a situation where you erect huge trade barriers and tariffs just at a time when you're hoping your economy might recover. Image

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More from @CommonsTreasury

Jan 25, 2021
⏳One hour to go until the first evidence session of our #EconomicCrime inquiry.

We'll hear from:
✅Graeme Biggar, @NCA_UK
✅Angela McLaren, @CityPolice
✅Patrick Campbell, @policescotland

📺Watch it live here👇

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🚨We're underway with the first evidence session of our inquiry into #EconomicCrime.

📺Watch it live here👇

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Asked about fraud in relation to the Government's #coronavirus support schemes, Graeme Biggar from @NCA_UK tells us that there are "eyewatering" amounts of fraud against the public purse. Image
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Dec 16, 2020
⏳One hour to go until our evidence session on business taxes as part of our #TaxAfterCoronavirus inquiry.

We'll hear from:

✅ Tom Clougherty @CPSThinkTank
✅ Annie Gascoyne @CBItweets

📺Watch it live at 14:30 here👇

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We're underway with our evidence session on business taxes for our inquiry into #TaxAfterCoronavirus.

📺Watch it live here👇

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How important is corporation tax to businesses when considering where to invest?

@ChrisSangerEY tells us that it's "fifth or sixth on the list".

He added that low rates make the UK attractive to invest in and Govt would be wrong to raise rates if it wants inward investment. Image
Read 8 tweets
Dec 2, 2020
⏳One hour to go until our evidence session with economists on #SpendingReview2020.

We'll hear from:

✅ Karen Ward from @JPMorganAM

📺Watch it live at 14:30 here👇

We're underway with our evidence session with economists on #SpendingReview2020.

📺Watch it live here👇

Karen Ward tells us that the UK is vulnerable to global interest rate rises.

@MSensier tells us that we need to look at why the UK has had to borrow so much for #coronavirus, which is partly down to not spending enough on preparation for a pandemic.

Read 7 tweets
Oct 20, 2020
⏳One hour to go until our evidence session on #TaxAfterCoronavirus, with a focus on employment taxes.

We'll hear from:

✅Andrew Titchener

📺Watch it live from 9.30am here👇

parliamentlive.tv/Event/Index/22… Image
We're underway with our evidence session on #TaxAfterCoronavirus.

📺Watch it live here👇

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Andrew Titchener from @CBItweets tells us that the headline rate of corporation tax is not as important to businesses as reliefs and incentives. Image
Read 7 tweets
Oct 16, 2020
(1/5) The three-person tax problem.

It's possible to work for the same employer and be taxed in different ways depending on whether you're:

3⃣A limited company

Read on to find out more👇
(2/5) These differences arise because of the different ways the tax system deals with different things.

Employees pay income tax and national insurance.
(3/5) The self-employed pay income tax and Class 4 national insurance, which is lower than an employee.
Read 5 tweets
Oct 14, 2020
⏳One hour to go until our evidence session on #decarbonisation and #GreenFinance.

We'll hear from:

✅Saker Nusseibeh @FedHermesIntl
✅Sandra Boss @blackrock

📺Watch it live at 2.30pm here👇

parliamentlive.tv/Event/Index/d0… Image
We're underway with our evidence session on #decarbonisation and #GreenFinance.

📺Watch it live here👇

parliamentlive.tv/Event/Index/d0… ImageImageImageImage
.@stevewaygood from Aviva Investors told us that climate change is the world's biggest market failure. Image
Read 11 tweets

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