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Wealth — Question

Part of the debate – in the House of Lords at 2:48 pm on 5th July 2010.

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Photo of Lord Sassoon Lord Sassoon Conservative 2:48 pm, 5th July 2010

My Lords, I am grateful to the noble Lord, Lord Bilimoria, because he enables me to say yet again how important it is that wealth generation is created and that the balance of the economy is switched from overdependence on the public sector and debt to dependence on the private sector and equity. That is why he did not mention-but I will-the reduction in corporation tax, the fact that CGT did not go up anything like as much as people had feared and a number of other measures in the Budget. He is right to draw attention to child poverty because the previous Government failed to meet their target of halving it by 2010.