New Clause 1 — Supplementary charge in respect of ring fence trades: financing costs

Part of Orders of the Day — Finance Bill — [1st Allotted Day] – in the House of Commons at 6:30 pm on 3rd July 2002.

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Photo of Chris Grayling Chris Grayling Shadow Minister (Health) 6:30 pm, 3rd July 2002

Like me, the hon. Gentleman will have seen the many references made by commentators in recent weeks to the potential problems that the Chancellor still faces in raising revenue for the latter years of this Parliament. Clearly, any fall in growth rates will also have implications for the Chancellor. Does he share my opinion that it is extremely unlikely that the tax is a windfall tax, as we cannot be sure that the Chancellor will be able to afford to give the money back?