Occupational Pensions

Part of Opposition Day — [8th allotted day] – in the House of Commons at 7:17 pm on 17 April 2007.

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Photo of Judy Mallaber Judy Mallaber Labour, Amber Valley 7:17, 17 April 2007

No crime has been committed. That is a ridiculous way of putting things. The statements and analysis given by the Chancellor and others have made the position clear, and they contested very strongly the points made by the Opposition.

It was unclear from the exchanges between Mr. Dorrell and the Economic Secretary what the advice and recommendations were on the relationship between investment and dividend tax relief, and it will be fascinating to read the papers when they are released. I get the feeling that a range of advice was given by the Treasury and advisers from other Departments. It is like what people say about economists—get three economists in a room and one ends up with four opinions. The debate on the advice reminds me of that saying.

We all know what the debate is actually about. I do not have the polemical flair of my hon. Friend Mr. Simon, who was very up front on this issue, but the debate today—certainly for those who initiated it—has been about trying to denigrate the economic record of the Chancellor, which the Opposition have not previously been able to challenge seriously. He has been able to see off one shadow Chancellor after another because of the excellent performance of the British economy under his stewardship.

We have had the longest sustained period of economic growth, with 2 million more people in work and higher incomes for the British people. The unspoken element of this debate is that the Tories want to denigrate the Government's record because their attack has moved from the Prime Minister to the Chancellor ahead of the leadership election. They are determined to damage the Chancellor, regardless of the seriousness and importance of the issues relating to pensions.