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Finance Bill

My hon. Friend is correct. In addition, the reductions in spending are not included in the Red Book analysis, and they will hit people in poorer, low-income families more than those in the top income decile. I do not dispute the fact that tax increases and spending cuts were needed in this Parliament, but I know that the impact on the poorest in society could and should have been lessened. We need the amendment so that we can fully understand the extent of the impact. The Red Book shows exactly where the pain and the priority rests. Benefit cuts will reduce the income of the poor and vulnerable by £11 billion. The regressive VAT increase will cost families and pensioners £13 billion. The bank levy will yield £2.4 billion. How ironic that the Government are making the banks and those at the top of the financial institutions, which are largely responsible for the recession, pay just a fraction of what those at the bottom are being made to pay.