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Proceeding contribution from Lord Redwood (Conservative) in the House of Commons on Wednesday, 6 May 2009. It occurred during Debate on bill on Finance Bill.

Finance Bill

My hon. Friend is making a very important point. The Government issued a Treasury paper some time ago suggesting that miraculously the trend rate of growth had increased from 2.5 per cent. per annum to 2.75 per cent. per annum. I have tried to adjust this for the straitened circumstances in which we find ourselves, where there is less migration in, less financial sector activity and a huge debt overhang that will have a big impact on the country's economy, and I concluded that the trend rate of growth could now be about 1.5 per cent. That is the context in which one must examine these rather bizarre forecasts.

Secondary information

Type
Proceeding contribution
Reference
492 c286 
Session
2008-09
Chamber / Committee
House of Commons chamber
Subjects
Children Alcoholic drinks Business Corporation tax Credit Bingo Borrowing Finance Income tax Excise duties Fuels Gaming Government assistance Economic growth Forecasts Personal savings Poverty Pensions Public expenditure Scotland Tax allowances Tax avoidance Taxation VAT Trusts Tax rates and bands Tax evasion North Sea oil Trade competitiveness Marginal tax rates
Legislation
Finance Bill 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk