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Budget Resolutions and Economic Situation

I have been told that I am not getting an extra minute, so I will just press on with my speech. I want to say a few words about the 50p tax rate and about the granny tax, which has angered many people in my constituency, before finishing with the Government's failure on jobs and growth. The 50p rate raised about £1 billion in its first year, and its continuation could have been used to cut fuel duty, about which many of my constituents have written to me, to reverse the Government's damaging cuts to tax credits or to help reduce the deficit. Instead, the Chancellor has chosen to give the richest 1% of earners a huge payout. People on middle and low incomes are already being squeezed by rising fuel, energy and food prices, and now their tax credits and child benefit are being cut. Yet again, the Government have made the wrong choice and proved how totally out of touch they are.