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Finance Bill

We must be careful not to make this a wider economic debate, and we have dealt with that matter in such debates. I have always said that devaluation should help domestic manufacture relative to overseas manufacture and should start to make some correction to the balance of payments. However, what we are concerned about this evening is the sectoral impact of a particular tax increase on the jobs and prosperity generated by the alcohol and entertainment industry. I am adding that point that inflation is also harmful, and there is a double whammy of inflation in the alcohol sector. That is coming partly through the sterling effect, to the extent that drinks are imported, but more importantly there is a direct inflationary impact from the measure that we are discussing this evening. We are also discussing the attempt to prevent future increases, at least for a period pending further review, as suggested in the amendment.