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My Lords, debating the Budget Statement carries a great temptation to focus on the short term—on immediate tax and spend decisions—but today we can avoid often misleading short-term analysis and make an informed assessment of Conservative economic policy, relying on the fairly accurate data of the past 14 years. No forecasting is necessary; the facts will do. The crucial fact with respect...
The Minister just made a mistake. What the OBR argued is that the cut in national insurance means that taxes have risen less rapidly than they would have done otherwise, but that they have risen none the less.
People are paying more. In other words, the Minister is arguing a case for cuts in taxation. This is not a cut in taxation; it is a reduction in the rate at which taxes are increasing, but they are increasing none the less.
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Entered the House of Lords on 14 July 1992
Party was Labour until 27 Mar 2014; Non-affiliated until 23 Apr 2020
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