Clause 32 - Corporation tax starting rate and fraction for financial year 2002

Part of Finance Bill – in a Public Bill Committee at 4:00 pm on 16th May 2002.

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Photo of Mr Roger Casale Mr Roger Casale Labour, Wimbledon 4:00 pm, 16th May 2002

One reason why the hon. Member for Kingston and Surbiton is so frightened by the modelling from the Institute for Fiscal Studies, which raises the spectre of a £1.2 billion price tag on the measure, is because it would use up most, if not all, of the extra penny that the Liberal Democrats want to put on income tax. Back in the real world, we should think not only about what we are going to spend money on, but how we are going to raise it in the first place.