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Budget Resolutions and Economic Situation

The freezing of personal allowances, which was announced in the pre-Budget report, is part of a package of tax rises to reduce the deficit, which also includes the bankers' bonus and the national insurance rise. As I said, everybody makes a contribution, but the more well-off people in our society make a bigger contribution. That has been set out very clearly. I do not hear Opposition Front Benchers saying that they are going to reverse the decision on personal allowances—perhaps they can clarify that in the debate—but they are trying to freeze the national insurance rise, which they would pay for by making cuts to children's centres, schools and apprenticeships while they spent £1.5 billion-plus on a cut in inheritance tax that would go only to millionaires. It is absolutely shocking.