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Finance Bill (No.3) began its committee stage today with two days of Committee of the Whole House scheduled for today and tomorrow. The clauses debate today focused on tax thresholds and reliefs and on Brexit.

The draft Withdrawal Agreement published on Wednesday sets out the terms of the UK’s exit from the EU, including a Protocol on Northern Ireland. It reflects agreement in principle between the UK and EU negotiating teams on the full legal text. The government intends to lay a final version of the agreement before Parliament once it is finalised. The outline of the Political Declaration on the future relationship sets out progress on the scope of the framework for the future relationship. Negotiations are ongoing to finalise the Political Declaration.

The latest Finance Bill (the third of the current session) had its second reading in the House of Commons on Monday 12 November. The debate saw Conservatives claiming lower tax rates mean higher tax takes and Labour concerns about universal credit and the parliamentary process. The debate was quite haphazard, as MPs debated the principles of the Finance Bill rather than the detail. A Labour amendment that declined to give this Bill a second reading on the basis that it continues damaging austerity policies was defeated by 302 votes to 279.

The Treasury Committee has held three evidence sessions for its inquiry into Budget 2018, taking evidence from the OBR, economists and the Chancellor.  Additionally the committee has received written evidence from CIOT and ICAEW on those organisations’ views of the Budget measures. The committee is not expected to take further evidence and is thought likely to report in the next few days.