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Proceeding contribution from Lord Hammond of Runnymede (Conservative) in the House of Commons on Monday, 21 April 2008. It occurred during Debate on bill on Finance Bill.

Finance Bill

We identified this problem in the 2007 Budget within an hour of the then Chancellor sitting down, and as I understand it, two amendments were tabled in the course of the following debate. One would have reduced the 10p tax rate to zero, costing the Exchequer about £16 billion, which is not a sensible or fiscally responsible way to address the problem. The other sought to put in place a long-term constraint on the Chancellor's ability to manoeuvre in future Budgets. Neither of those is the right way to address this problem. We have to deal with the issues in this Finance Bill, the Budget before it and the 2007 Budget, and we believe that that is the way to tackle these problems.

Secondary information

Type
Proceeding contribution
Reference
474 c1076 
Session
2007-08
Chamber / Committee
House of Commons chamber
Subjects
Children Child tax credit Child benefit Alcoholic drinks Charities Capital gains tax Aviation Corporation tax Banks Climate change Capital investment Credit Bingo Air passenger duty Civil partners Families Environment protection Income tax Fuels Inheritance tax Government assistance Double taxation Domicil Economic situation EU emissions trading scheme Forecasts Pensioners Low incomes Poverty Minimum wage Public houses Personal taxation Married people Low pay Public finance New businesses Public sector debt Migrant workers Working tax credit Small businesses Tax allowances Tax avoidance Taxation VAT Supermarkets Dividend tax credits Winter fuel payment Secured loans Revenue and Customs Carbon emissions Research and development tax credit Institute for Fiscal Studies Earnings limits Budget March 2007 Enterprise investment scheme
Legislation
Finance Bill 2007-08
Link
View this Proceeding contribution on www.publications.parliament.uk