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Finance Bill

My Lords, I thank all noble Lords who have participated in today’s debate. I particularly thank and congratulate the noble Lord, Lord   Hamilton of Epsom. I was remiss earlier in not anticipating his maiden speech. It was a hugely impressive contribution and outlined some of his vast experience, both in another place and elsewhere. We look forward to his continuing participation in our deliberations on matters of the economy, and the Finance Bill in particular. I should like to respond to as many of the points raised as possible and I shall take a moment to reflect on the measures in the Bill and put them into context. The Government’s aim through these measures is clear cut. We will promote fairness while locking in our current economic stability and never putting it at risk. In addition, we will reduce the regulatory burden on business and consequently boost the nation’s productivity and growth. As my right honourable friend the Chancellor outlined in the Budget debate, and as I briefly reiterated in my earlier remarks, Britain now has a foundation of fiscal strength, enabled by our decision in 1997 to reduce the national debt. This Finance Bill reiterates the Government’s intention to ensure that our tax system is both fair and competitive, and it firmly focuses on tax avoidance and modernising legislation to respond fairly and effectively to changes in the modern world. I shall now deal with some of the detailed points raised by noble Lords. The noble Baroness, Lady Noakes, welcomed the report of the Economic Affairs Committee, as do the Government. She touched on, as did other noble Lords, the request for a more substantial role for the committee. It is with some hesitation, as a relatively new Member of your Lordships’ House, that I point that there is the issue of the privilege of another place, the elected House. We need to be mindful of that in wishing to expand the role of the sub-committee here. I fully reject the assertion that the economic cycle has been fiddled by the announcements to date. I think the expression was—