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That is less than half the tax yield. We have to address that matter in this House. The hon. Gentleman cannot have it both ways and he needs to face the challenge square on.
A modern and fair tax system that encourages work, keeps pace with developments in business practice and in the global economy and raises sufficient revenues to fund the Government's objective of building world-class public services is what this Finance Bill provides for. As my hon. Friend Angela Eagle said, a strong economy is a platform for a fair and secure society for all, with jobs and investment in public services, innovation and science. The Bill is both responsive to and realistic about the challenges that this country faces in competing in the world economy.
Let us compare that with the policies of the Conservative party. The expenditure cuts, undermining vital public services, proposed by the shadow Chief Secretary would bring a return to the underinvestment, insecurity and disaster of his party's economic policy in the 1980s and early 1990s.
Our vision is for a Britain that supports fairness, security and opportunity for all. The Finance Bill builds on a platform of economic stability and I commend it to the House.