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Finance Bill

Thank you, Sir Michael, for giving me an opportunity to speak at the conclusion of this helpful debate. Many hon. Members will appreciate the modest but none the less welcome concession that the Financial Secretary made at the end of his remarks about the specific arrangements at the end of December and into 1 January. Never let it be said that we do not achieve anything through our endeavours on the Liberal Democrat Benches to put pressure on the Government. My party has said all along that the VAT reduction has undoubtedly had an impact. It would be odd to maintain that the Government could spend £12 billion to £13 billion to no effect. The question is whether the impact is as profound as the Government wished for that amount of expenditure. We have had a useful discussion about that, but I hoped that the review that I envisaged, or any other review, could draw the matter out. The timing, which is effectively the stand part dimension of the debate, is relevant. We should consider whether there needs to be an additional stimulus for consumers to go out and buy items in December, of all months. The VAT cut costs roughly £1 billion a month, but, in December, one would expect the cost to be much greater because expenditure is so much higher. The amendment provided a useful opportunity to debate the subject in the round and, despite being urged by some hon. Members to press it to a Division, I will not. However, I will seek to vote on clause stand part. Therefore, I beg to ask leave to withdraw the amendment. Amendment, by leave, withdrawn. Question put, That the clause stand part of the Bill. The Committee proceeded to a Division.