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Occupational Pensions

My hon. Friend is correct, and I fear that the right hon. and learned Member for Rushcliffe, who did not have much interest in the detail of policy while he was in the Treasury, may not have understood that point. One thing that we did when we corrected the whole matter, when we abolished dividend tax credit, was to introduce a new instalment payment system for corporation tax. Of course, inevitably linked to that was the removal of advance corporation tax; in fact, there was a cash flow advantage to the Exchequer, of which the Confederation of British Industry was very aware. I will come back to that point in a moment.