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Schedule 23 — Air passenger duty

Part of “Group 12 — Caravans – in the House of Commons at 10:14 pm on 3rd July 2012.

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Photo of David Gauke David Gauke The Exchequer Secretary 10:14 pm, 3rd July 2012

I beg to move, That the Bill be now read the Third time.

The Bill proposes wide-ranging reforms of the tax system to reward work and promote growth. It supports business and growth, creates a fairer, more efficient and simpler tax system, and builds on our commitment to improving the tax policy-making approach. However, it should be seen against the fiscal backdrop that we inherited.

Before I discuss the Bill in more detail, let me remind Members of the challenges that we face. When we came to power, we were confronted by the largest peacetime deficit that the country had ever seen. One pound in every four was borrowed. Members will recall—[ Interruption. ]