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Clause 3 — Abolition of starting and savings rates and creation of starting rate for savings

Part of Orders of the Day – in the House of Commons at 8:30 pm on 28th April 2008.

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Photo of Jeremy Browne Jeremy Browne Shadow Minister (Treasury) 8:30 pm, 28th April 2008

My hon. Friend makes a valid and related point about the fiasco and complication that is the tax credit system. One of the issues that the Government will have to address is that they are replacing a simple mechanism to reduce the tax burden on people on low incomes with a series of far more complex and complicated alternatives. Many of those people may not be adequately compensated, but some will be theoretically compensated, because I will bet the House that the Treasury will budget so that the take-up is not 100 per cent. for those who are eligible to be compensated as a result of the 10p rate being doubled.

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