Amendment of the Law

Part of Budget Resolutions and Economic Situation – in the House of Commons at 9:07 pm on 10th March 1992.

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Photo of Mr Mark Wolfson Mr Mark Wolfson , Sevenoaks 9:07 pm, 10th March 1992

It is up to the CBI to decide whether its director general lives in an ivory tower. He may live in a tall tower, but it is not made of ivory. He is usually well in touch with the views of his members.

I welcome the Budget, too, because it will encourage those working in the middle and skilled ranks of industry on whose performance at work, contributing constructively to the wealth of their companies, the economic health of the country depends. If that is effective and efficient, we have the wealth to pay for the social and education services that we wish to continue to increase and to improve.

I welcome the approach to income tax because it is fundamental to Conservative philosophy. In contrast to all the Opposition parties, we believe that it is right that individuals and families should keep as much as they can of their own money to spend as they choose. As hon. Members have emphasised in the debate today, it is not an either/or choice. A low personal tax regime over at least eight out of the 12 years that the Conservatives have been in power has resulted in a growing economy, because it works with the grain of what people feel—that proper and natural desire to keep more of what they earn for themselves, which makes their efforts at work worth while to them and their families. A regime that does not pay attention to that is not working with the grain of the people and will not be successful.