New Clause 1 — Transfer of personal allowances between spouses

Part of Oral Answers to Questions — Justice – in the House of Commons at 8:30 pm on 2 July 2013.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 8:30, 2 July 2013

We are desperately keen for the Government to bring forward any measures—whether measures on VAT or bringing forward capital infrastructure—that would stimulate growth. Any Chancellor worth his or her salt would have used last week’s statement in the House to make at least a passing reference to the importance of growth in the economy, but there was absolutely nothing, and the same goes for this Bill.

The problem is not just the neglect of growth and living standards; it is the Government’s failures on borrowing and the deficit, which should be to their shame. They have been totally unable to deliver the promises they made on deficit reduction. [Interruption.] The Minister of State, Northern Ireland Office can tell his constituents that the deficit was £118.5 billion in 2011-12 and £118.7 billion in 2012-13. Even he, with all his skill and acumen, can tell that that is an increase in the level of borrowing from that year to this. No wonder the Government find it an uncomfortable fact that they have failed on their promise and are not on course to balance the books in 2015 as they said they would. That was their solemn promise to the electorate. It is a busted flush.

This Bill is a reflection of the fact that the Government have no answers. They do not know where to go on this issue. It is time we had a Finance Bill to boost the economy, instead of the Government neglecting their duties to achieve strong and sustained economic growth. This is Bill is bereft of the bold measures we need to kick-start Britain’s economy. The country deserves better. We oppose a Third Reading for this Bill.