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Clause 2 - Personal allowance for 2013-14 for those born after 5 April 1948

Part of Finance (No. 2) Bill – in a Public Bill Committee at 4:30 pm on 23rd April 2013.

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Photo of David Gauke David Gauke The Exchequer Secretary 4:30 pm, 23rd April 2013

I have to say that that is what the OBR predicts the fiscal position will be in five years’ time. The reality is that Labour advocates—we heard it in this debate today and in the Chamber last week—opposition to almost any measure to reduce the deficit and calls for a reduction in VAT. Labour Members may think that that is the way to get the deficit down and to correct the public finances, but I am afraid that that simply will not work. As always, they want to borrow their way out of every economic situation.