---

Finance Bill

The hon. Gentleman makes a fair point, and I know that those concerns have been expressed. I hope to be able to respond to them in a few moments, if he will allow me, but first I should like to develop my response to the overall debate in a more structured way. The hon. Member for Runnymede and Weybridge said that simplification was a good and valuable thing, but that it should not be undertaken at all costs. May I tell the House that the reforms will replace—and this bears repeating—a significant amount of structural complexity built up over many years with a simple system based on a single headline rate and focused relief for entrepreneurs? That is a change well worth having. Entrepreneurs' relief has been targeted to deliver a special 10 per cent. rate for business and enterprise, which is essentially what businesses have asked for. Indeed, when the pre-Budget report was published, stockbrokers Killik and Co. was quoted in the Daily Mail 10 October as saying:"““This has to be a positive move for investors. It will lead to many choosing to sell investments when it's right to do so rather than holding on to investments in order to avoid a penal 40 per cent. tax.””"