---

Finance Bill

I am amazed that there is not a single Labour Back Bencher in the Chamber for the Second Reading of a very important Finance Bill. This country is burdened with the greatest debt in its history. I am a long serving Member of this House, and I come from a business background. In my view, the budget deficit is unsustainable. The Budget contains very few measures that will reduce it in a meaningful way that will regain the confidence of the financial markets. If the money and bond markets lose confidence in this country and downgrade our triple A credit status, what will the Government do? Would that not mean that they would have to pay a great deal more for the money that they are continuing to borrow, and would that not lead immediately to emergency tax rises, rising inflation and the inevitable increase in unemployment that would cost a great deal of money? This is a very truncated Second Reading debate, and it is most unsatisfactory to deal with a Finance Bill in only three hours. I am about to leave the House, but I am deeply concerned about the future of the country, as are most of my constituents in Macclesfield. My area has a lot of manufacturing industry, including high-technology centres and pharmaceutical development and production. I am concerned for the future of our economic growth and our economy.