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Finance Bill

Clause 16 implements the legislative framework that will enable greater use of auctioning to allocate allowances in phase 2 of the European Union emissions trading scheme, helping to strengthen its long-term integrity and efficiency. The system of charges for tackling climate change across the UK, which this Finance Bill introduces, is now an important part of Government economic policy, with a significant fiscal impact on the UK as a whole. Over the past 10 years, the UK has enjoyed more stability in GDP growth and inflation than in any decade since the war. Low inflation, low interest rates, high employment, high growth and rising prosperity are the remarkable achievements of this Chancellor over the past decade. For the future, we must continue to deliver the right policies for Britain, enhancing international competitiveness, encouraging investment and innovation, increasing fairness, safeguarding revenues for world-class public services and taking action on climate change at home to support our leading role abroad. That is what this Bill does, and I commend it to the House.