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Part of Orders of the Day — Finance Bill – in the House of Commons at 5:45 pm on 11 July 1989.

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Photo of Peter Lilley Peter Lilley The Economic Secretary to the Treasury 5:45, 11 July 1989

I apologise to the House for my two errors. However, Lord Wilson of Rievaulx was wrong far more frequently than I have ever been, and his views as expressed then were in conflict with the views of the Opposition today. I can only suggest that the hon. Member for Islington, South and Finsbury (Mr. Smith) explains this great volte face and tells us why what was described as "a squalid raffle" is now so important that it should be made available to those who are the least well-off, the least sophisticated, have the least tax advantage in taking part and who cost most to the Exchequer if they invest their funds in this way. I cannot believe that there is a satisfactory answer to these questions and I therefore ask the House to reject the new clause.