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Budget Resolutions and Economic Situation

There is no tax cut, sadly, and that is the whole point. If one looks in the Red Book, it is not there. If there is a vote on the reduction in the standard rate of tax, which will not take place until after the next Budget, we would be happy to support it. By the way, for those who are wondering how we will vote next week on the second resolution on income tax, which states that for next year the starting rate will be 10 per cent., the basic rate will be 22 per cent. and the higher rate will be 40 per cent., I can confirm that we will vote for it. I wish to put that on the record—[Interruption.] That is the present structure of income tax. The hon. Member for North Durham (Mr. Jones) laughs: he probably does not realise what the present structure of income tax is.