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Finance Bill

I am being generous to the hon. Gentleman—to some extent his speech changed the political dynamic. Many people felt that it had a significant effect on the Prime Minister. The shadow Chancellor identified in his speech what the priorities for the Conservatives would be, were they able to cut taxes. We have to cast our mind back and ask ourselves who the beneficiaries of the Conservative tax-cutting package were. Were they the people I mentioned a while ago—those on typical wages, such as people working on farms, hotel receptionists or secretarial staff? No, they were completely overlooked. Were they pensioners on modest incomes between the ages of 60 and 64? No, they were completely overlooked. Were they people on low wages under the age of 25 without children? No, they were completely overlooked, as well. The people whom the Conservative party thought had the most acute needs in our society, and were therefore most deserving of an easing of their tax burden, were people who lived in houses worth somewhere in the region of £1 million, who had entirely paid off the mortgage on their house. I regarded that as an extraordinary prioritisation, although I do not doubt that it was effective in preventing the Prime Minister from calling a general election.