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Finance Bill

My Lords, the Government would clearly encourage people to make appropriate provision for their retirement. At the same time, we wish to increase higher rates of taxation to ensure that the burden falls on those who, as a consequence of the great prosperity of the past 10 years, have enjoyed significant increases in income and to ensure that that increase in taxation cannot in some way be subverted by people contributing funds into pension schemes. Accordingly, a balance needs to be struck. We have listened to the contributions of those in the other place and have made amendments to our proposals to reflect the arguments that we have heard. I will no doubt come back to the subject of pensions in my closing speech in response to other points that I imagine will be made by noble Lords as the debate progresses.