Debate on the Address — [1st Day]

Part of Outlawries Bill – in the House of Commons at 5:20 pm on 9 May 2012.

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Photo of Iain Wright Iain Wright Shadow Minister (Business, Innovation and Skills) 5:20, 9 May 2012

I absolutely agree. Later, I want to mention that we need more investment and to unlock investor confidence and provide more business investment. That is at terminally low rates at the moment.

Emphasis should have been given to a new finance Bill with measures to boost demand in the economy and put more money in the pockets of millions, rather than prioritising tax cuts for millionaires and tax rises for pensioners. Communities such as mine in Hartlepool and the wider north-east see a Government presiding over unprecedented cuts to income, living standards and public services, huge rises in unemployment and matters being made worse by Government measures such as the rise in VAT, hikes in student fees, cuts to tax credits and increased taxes for pensioners.

At the same time, the Chancellor is insisting that the country can afford to give those earning more than £150,000 a year a tax cut and that, in the current climate, millionaires should be given priority and pay about £40,000 a year less in tax. A new finance Bill could have set about repairing some of the damage from the previous Finance Bill, which has been carried over into this Session; it could have put us on the path to economic recovery, jobs and growth.