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Occupational Pensions

Nearly 3 million pensioners who receive pension credit never received anything from a Conservative Government. If the hon. Gentleman wishes to support pension credit and get it to pensioners in his constituency who do not have it, we will help him do so. However, it is about time Conservative Members stood up and said that they supported the winter fuel allowance, the free television licences, the pension credit and what we have done on pensions—the £11.5 billion. In 1997, we made three major changes in the economy. The third was to remove the bias against investment—exactly the proposal that underlined the change that Lord Lamont made in 1992, and the five other changes in dividend tax credit that have taken place. The result of our change was not that the share price fell—it rose. All the figures that the shadow Chancellor gave today are wrong. Investment in the economy rose as a result of the measure. The shadow Chancellor asked about investment earlier: it rose by 10 per cent. in 1997, 20 per cent. in 1998 and is now £40 billion more than it was in 1997—a sign that the economy is working well. Corporate profits also rose as a result of all the changes that we made. We have had—uniquely under any Government— 39 quarters of economic growth unbroken by recession. Pension assets rose from 1996 to 1999—they did not fall. Pension income rose, not fell, from 1996 to 1999. Pension dividends rose between 1996 and 1999—they did not fall. We made the right decision for the British economy—the right decision for investment, the long-term stability and growth of the British economy and British industry. It is clear today that the Opposition have no alternative to our policy. They would not rescind the dividend tax credit. All they talk about is short-term opportunism—it is insubstantial. Their policies do not add up and they have been exposed in every part of the debate.