Clause 1
Finance Bill
10:45 am
Philip Hammond (Shadow Chief Secretary To the Treasury, Treasury; Runnymede and Weybridge, Conservative)
Will the hon. Gentleman clarify whether the £7.5 billion assumes that higher-rate taxpayers, deprived of 40 per cent. relief on pension contributions, will make no change to their pension-contributing behaviour? In other words, is it assumed that they will carry on contributing the same amount but with only 20 per cent. relief, or has the hon. Gentleman factored in—