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Budget Resolutions and Economic Situation — Amendment of the Law

Part of the debate – in the House of Commons at 3:28 pm on 22nd March 2016.

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Photo of Robert Jenrick Robert Jenrick Conservative, Newark 3:28 pm, 22nd March 2016

I want to give some context on the important point about capital gains tax that is being made by the Opposition. Jim Callaghan created capital gains tax when he was Chancellor in 1965, but it has always been lower under Labour Chancellors than under Conservative Chancellors. Even after this change, capital gains tax will be 2% higher under this Chancellor than it was under Alistair Darling, and indeed Gordon Brown in the previous Labour Government.