Ways and Means – in the House of Commons at 3:31 pm on 29th November 1994.

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Let me turn now to my proposals for taxation. Happily, in this year's Budget, I have no need to raise revenue overall in order to secure the public finances. The action in last year's Budget, combined with a firm approach to public spending, will see to that. Nor—as I have already made clear publicly—are significant tax cuts justified this year. But I do have a number of proposals to ensure that we raise the necessary revenue in ways which do least damage to the economy while helping vulnerable groups.