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Proceeding contribution from David Leslie Taylor (Labour) in the House of Commons on Monday, 21 April 2008. It occurred during Debate on bill on Finance Bill.

Finance Bill

I stand second to none in having great reservations about the loss of the 10 per cent. rate, which is why I am backing the amendment that will be put forward next week by my right hon. Friend the Member for Birkenhead (Mr. Field). Would the hon. Gentleman care to correct a canard that seems to have established a life of its own in recent weeks: that this particular change will fund the whole cost of the 2 per cent. reduction in the standard rate, which is about £7 billion or £8 billion? Some 5.3 million individuals or families will lose, on average, between £0 and £232—that is the most that can be lost—and £116 times 5.3 million is about £600 million. That is not even 10 per cent. of the cost of reducing the standard rate by 2 per cent.

Secondary information

Type
Proceeding contribution
Reference
474 c1077-8 
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