Budget Resolutions
I was disappointed that the Chancellor did nothing to change the gift aid rules, which would have helped the Bridgwater carnival and many other community organisations and charities. The Bridgwater Guy Fawkes carnival is the most magnificent spectacle. It is Britain’s oldest carnival and the largest illuminated carnival in Europe, and it is taking place on Saturday. Like so many good causes, the carnival raises much of its funds in small cash donations, often loose change collected in a bucket on the night, yet it can only claim gift aid for a maximum of £2,000 on those small donations—a figure that has not been increased for 10 years. Will the Chancellor please consider increasing the limit? That would make a huge difference to organisations that collect so much of their funds in small cash donations. Despite making so many changes in his Budget, the Chancellor has not reinstated the listed places of worship grant scheme, which his predecessor abolished. This means that communities who worship in a listed building, such as the parish of St Andrews in Burnham-on-Sea, will have to bear the full cost of VAT on the repairs that their historic church requires. The scheme that replaced the old one is less generous and has a capped budget. We should cherish our beautiful listed churches and take care of them for future generations. I will continue to press the Chancellor to renew the scheme in full, to make sure that our congregations are not charged an extra 20% for vital repairs. There are 98 separate measures in the Red Book, and many of them will further complicate Britain’s already byzantine tax code. Do we really need a new founders’ relief from capital gains tax? We are told that it will be for “qualifying founders of high-growth, innovative companies”.<span id="659" class="column-number" data-column-number="659"></span> That perhaps sounds good for a Labour tax relief, but would it not be better to lower the rate of CGT for everyone, rather than add another carve-out for accountants and lawyers to argue about? Britain needs lower tax rates with fewer exemptions, not additional complications that drive up the cost of compliance. The fundamental problem that Britain faces today is simple: we are running out of money. Unless we change course soon, every other problem will become harder to solve. Our national debt is now £3 trillion, and every year Labour is adding tens of billions more. At a time of international uncertainty, we must spend more on defence, but this Government cannot do so because they refuse to cut welfare. We need a plan to cut debt, fund defence and get Britain growing again.