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Value Added Tax

That is another well made point. I was glad to give way, because I know that my hon. Friend will not have time to make a speech. This move is foolish because it will not achieve the desired outcome; it does not help the least well-off as much as it helps the wealthy; the duties on spirits and on fuel charges are not reclaimable, so the effect is a net one—if not an increase in tax—for the groups of people involved; and prices are already falling so a 2.1 per cent. reduction will make no difference. I simply say that there are better things to do with £12.5 billion. We need to get the money pumping round the system. Our idea, which I hope the Government will adopt, of a loan guarantee scheme—a credit guarantee scheme—will make a huge difference in pumping that money round the system so that people begin to get mortgages, begin to feel confident and begin to spend money again.