Finance (No. 2) Bill

Part of Bill Presented – in the House of Commons at 2:12 pm on 1st April 2014.

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Photo of Chris Leslie Chris Leslie Shadow Chief Secretary to the Treasury 2:12 pm, 1st April 2014

We have said that a 50p rate needs to be the policy for the next Parliament. We make judgments in manifestos from one Parliament to the next. Tax policy should never be written in perpetuity. We have said that while the deficit is likely to be as high as it is, the 50p rate is justified. Mark Field talked about social cohesion. While the process of deficit reduction will now have to continue well into the next Parliament, when it was not expected, the 50p rate is perfectly justified for good social cohesion reasons.