Women in Tax asked Lucy Frazer MP, Financial Secretary to the Treasury, for her views on tax, her role and her inspirations.
What do you enjoy most about your role as the UK’s tax minister?
It’s an honour and a privilege to serve in government. I am hugely grateful to have been given the opportunity, and even more so when it comes to one of, if not the most, important areas of the economy: tax. Our tax system affects everyone’s lives in so many different ways, so I really enjoy having such a wide-ranging responsibility. It’s rewarding to be so heavily involved in two different departments – with the Treasury, where I help to set policy direction, and with HMRC, where I am responsible for ensuring that the tax system works. So, I get to see both the strategic thinking and the detailed implementation.
Looking back, are there any inspirations who have helped guide you in your own career?
There are many, including my children and one of my managers back when I first started practicing law. The one who really sticks out though is my grandmother, who has always been my greatest inspiration. She was the daughter of refugees and the first female barrister at the Leicester Bar. She used to quote the poet Robert Browning: ‘A man’s reach should exceed his grasp, or what’s a heaven for?’ I think that’s the most inspirational quote for everyone; it encourages us to follow our dreams and not be afraid of failure.
What are your priorities as the Financial Secretary to the Treasury?
I believe in both the free-market and financial discipline, and my priority is to ensure we have a tax system that works well to help boost growth and create the conditions for enterprise, whilst also funding public services.
At the Spring Statement, we set out our priorities for a lower tax economy. We cut taxes for hundreds of thousands of businesses through an increase to the employment allowance, and we cut fuel duty and business rates. We continue to encourage businesses through incentives like the super-deduction, the biggest two-year business tax cut in modern British history. And next month, 30 million people in the UK will get a £6bn tax cut worth up to £330 a year, via our changes to national insurance thresholds. It means that any employee earning up to £36,600 will pay less national insurance even after accounting for the health and social care levy.
This summer we have been working hard to deliver on our Spring Statement pledges. We have been speaking to businesses and industry representatives to see how we can best reform and cut taxes on investment in the autumn to spur growth and productivity.
What’s the most interesting area of tax at the moment?
Skills are the answer to so many of the challenges we currently face in both the economy and society. Workers are vital for business, but UK companies spend less than half the European average on training. The government is ramping up skills funding, so I’m thinking about how we can use the tax system to get the private sector to do the same. How can we encourage firms to take full advantage of the apprenticeship levy, for example? That’s the area I find really interesting.
Do you have any real-life top tips for women looking to make it in the world of tax?
So many women hold themselves back in their careers. They look at a job advert and they think they aren’t quite qualified in one small aspect, so they don’t apply at all. I’d give them the advice my grandmother gave me: go for it and don’t worry if you fail.
Women in Tax asked Lucy Frazer MP, Financial Secretary to the Treasury, for her views on tax, her role and her inspirations.
What do you enjoy most about your role as the UK’s tax minister?
It’s an honour and a privilege to serve in government. I am hugely grateful to have been given the opportunity, and even more so when it comes to one of, if not the most, important areas of the economy: tax. Our tax system affects everyone’s lives in so many different ways, so I really enjoy having such a wide-ranging responsibility. It’s rewarding to be so heavily involved in two different departments – with the Treasury, where I help to set policy direction, and with HMRC, where I am responsible for ensuring that the tax system works. So, I get to see both the strategic thinking and the detailed implementation.
Looking back, are there any inspirations who have helped guide you in your own career?
There are many, including my children and one of my managers back when I first started practicing law. The one who really sticks out though is my grandmother, who has always been my greatest inspiration. She was the daughter of refugees and the first female barrister at the Leicester Bar. She used to quote the poet Robert Browning: ‘A man’s reach should exceed his grasp, or what’s a heaven for?’ I think that’s the most inspirational quote for everyone; it encourages us to follow our dreams and not be afraid of failure.
What are your priorities as the Financial Secretary to the Treasury?
I believe in both the free-market and financial discipline, and my priority is to ensure we have a tax system that works well to help boost growth and create the conditions for enterprise, whilst also funding public services.
At the Spring Statement, we set out our priorities for a lower tax economy. We cut taxes for hundreds of thousands of businesses through an increase to the employment allowance, and we cut fuel duty and business rates. We continue to encourage businesses through incentives like the super-deduction, the biggest two-year business tax cut in modern British history. And next month, 30 million people in the UK will get a £6bn tax cut worth up to £330 a year, via our changes to national insurance thresholds. It means that any employee earning up to £36,600 will pay less national insurance even after accounting for the health and social care levy.
This summer we have been working hard to deliver on our Spring Statement pledges. We have been speaking to businesses and industry representatives to see how we can best reform and cut taxes on investment in the autumn to spur growth and productivity.
What’s the most interesting area of tax at the moment?
Skills are the answer to so many of the challenges we currently face in both the economy and society. Workers are vital for business, but UK companies spend less than half the European average on training. The government is ramping up skills funding, so I’m thinking about how we can use the tax system to get the private sector to do the same. How can we encourage firms to take full advantage of the apprenticeship levy, for example? That’s the area I find really interesting.
Do you have any real-life top tips for women looking to make it in the world of tax?
So many women hold themselves back in their careers. They look at a job advert and they think they aren’t quite qualified in one small aspect, so they don’t apply at all. I’d give them the advice my grandmother gave me: go for it and don’t worry if you fail.
