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Budget Resolutions and Economic Situation

I will not give way. My right hon. Friend the Member for Leicester, East (Keith Vaz) was concerned about the Bank of Credit and Commerce International. Although I appreciate his frustration and that of those who are connected with this matter, I know that he appreciates the complexity better than anyone. It is true that, since 1997, we have made substantial changes to the regulatory regime for banks with the establishment of the Financial Services Authority. My right hon. Friend said that this is the best Budget that he has seen in 21 Budgets in this House. He said quite rightly that the test of the Tories will be how they vote. Will they support our package of personal tax changes? Will they support the 2p cut in the basic rate? Will they support the environmental tax changes? Will they support the business corporation tax reforms? Will they support our spending totals for the comprehensive spending review in the future? Or will they stick to their third fiscal rule? Will they stick to what the Leader of the Opposition said? He said that, when the money comes in, it should be shared between taxes and public spending. That is a dramatic difference. By taking an inflexible, ideological approach, it is not just a dramatic difference over an economic cycle; it is a dramatic difference each and every year. It would mean £21 billion of spending cuts, which is the amount that we spend on transport or the total amount we spend on housing— It being Six o’clock, the debate stood adjourned. Debate to be resumed on Monday 26 March.