I have 35 seconds to cover that.

I accept that there are key issues that we need to address even within our own country, but under the Westminster Government, a situation has arisen in which the top 1 per cent of earners pay 30 per cent of all income tax and the top 5 per cent of earners pay 50 per cent of all income tax.

On looking through the report’s recommendations, I identified a key difference in understanding that I must address, which relates to the demands that are made for taxes to be imposed on wealth. I have said previously in the chamber that I am a good old-fashioned capitalist. I think that we should tax growth in wealth and that we should tax income, but taxing wealth is a dangerous place to go. The purpose of wealth is to enable proper investment to take place so that we can have economic growth and fair trade around the world; we can use our wealth to invest and create jobs in countries to the benefit of the people of those countries as well as of the people in this country. The appropriate use of wealth is to invest it. To consume wealth by taxing it to pay costs on the current account is to shrink wealth, to shrink economies and to shrink ambition.

I understand the objectives of Oxfam’s report, but members will understand it if I take a slightly different view of how some of those objectives might be achieved.