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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 10:00 pm on 28th April 2008.

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Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury 10:00 pm, 28th April 2008

As I have said, my right hon. Friend made a thoughtful and constructive response to the debate. I am grateful to him for the way in which he has contributed, and we will be working with him and others to take the work forwards. The Chancellor made a commitment in his letter that there are households that we want to do more to help. It would not be appropriate for the Government to commit at this stage to the detail of what measures we may consider before the report is delivered. However, I have taken note of the concerns that have been raised on the issue today and I will ensure that they are considered as part of the progress.

The results of the reforms are already there to see. As I have said, this is a wrecking amendment that would have the most serious consequences—

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