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Finance Bill

I share many of the hon. Gentleman's reservations about marginal tax rates, but my difficulty is in understanding how it is possible to advance two arguments simultaneously: the argument that the 50p rate will drive entrepreneurs away and be bad for the economy, and the argument that it will raise little additional revenue. If the latter is the case, it would surely not be difficult to abolish the rate with immediate effect. If the former is the case, surely the need to abolish it is all the more urgent. In any event, I see no reason why, consistent with the case that the hon. Gentleman is making, any Government would not abolish the 50p rate on their first day in office.