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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 4:45 pm on 23rd April 2013.

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Photo of Brooks Newmark Brooks Newmark Conservative, Braintree 4:45 pm, 23rd April 2013

Once again, I thank the hon. Lady for her generosity in giving way. Putting the politics aside, I am sure that the shadow Minister, the hon. Member for Kilmarnock and Loudoun, who is sitting next to the hon. Lady, knows the reality, namely that when these predictions and projections were made the economic  landscape was slightly different from today. Things are a lot worse, and anybody who does basic economic modelling knows that circumstances have changed and things are tighter. However, I remind her that Christine Lagarde, the head of the IMF, said that she shivered to think what would have happened if the UK had not pursued a fiscal consolidation plan.