Orders of the Day — Finance Bill

Part of the debate – in the House of Commons at 12:00 am on 11 July 1973.

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Photo of Mr Joel Barnett Mr Joel Barnett , Heywood and Royton 12:00, 11 July 1973

I am obliged for that information. I am sure that that will be helpful to the economy.

No one will be surprised that in this context the Chancellor must regret the background to this debate, namely, this Bill and its predecessors. He must know that he has forfeited the right to the cooperation of the TUC and that without that co-operation any agreement will be virtually impossible. Such an agreement would be difficult to achieve even with the co-operation of the TUC.

What contribution does the right hon. Gentleman consider that this Finance Bill or its predecessors have made to obtaining any kind of success in the battle against inflation? What happened to the surtax payers who were to achieve miracles once taxes were reduced? How can the Chancellor justify the increases in real income he gave them if they have not, as indeed they have not, produced the goods? He should feel bitter about the fact that he did not get the miracles we and, presumably, he thought he would get. He did not get these despite the fact that he has given those people enormous tax-free bonanzas and every opportunity to reduce their tax levels.

We have had all that from this Finance Bill and its predecessors—loan interest allowable for tax disaggregation, share options, and more and more given to the people who were supposed to be delivering the goods. That has not been the result. For these reasons among all the others—because of the state which he has produced in our economy—we condemn the Chancellor and his succession of Finance Bills. I advise my right hon. and hon. Friends to vote against the Bill tonight.