New Clause 1 — Tax Credits for Individual Savings Accounts and Personal Equity Plans

Part of Finance Bill – in the House of Commons at 3:15 pm on 1 July 2003.

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Photo of John Bercow John Bercow Conservative, Buckingham 3:15, 1 July 2003

Does my hon. Friend agree that the Treasury is classically guilty in this case, as so often, of short-termism in its thinking? If it pursues a policy that deters people on low incomes from saving in order in the short term to maximise its revenue, the chickens will come home to roost and the Government will ultimately face a higher bill to public funds in the form of means-tested benefits, as sure as night follows day.