Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 5:30 pm on 10th March 1999.

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Photo of John Redwood John Redwood Shadow Secretary of State for Trade and Industry 5:30 pm, 10th March 1999

I think that the right hon. Gentleman inadvertently misled the House when he replied to my hon. Friend the Member for South Cambridgeshire (Mr. Lansley). I have checked the Red Book. It is very clear that the tax breaks for small and medium enterprises and the research and development tax credit do not come into effect in 1999–2000, the year about which my hon. Friend asked. I hope that the record will be corrected. The fact remains that there will be a big increase in tax in 1999–2000, mainly from the first two Labour Budgets, but also from the cumulative impact of this third Budget, which also raises taxes in that year.