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Finance (No. 4) Bill

We have had a wide-ranging debate, and I thank the 20 Back Benchers who contributed. Many of the speeches touched on the three great challenges that we face in our economy: how to reduce the deficit, how to ensure that we do it fairly, and how to ensure that the UK can be competitive and grow strongly. However, the first point was tackled exclusively by Government Members. Labour Members still show no recognition of the previous Government's disastrous legacy or the fact that it is not credible to advocate that the way to reduce borrowing is to borrow yet more. A structural deficit of the size we faced meant that difficult measures on spending cuts and tax rises were necessary, but Labour Members continue to oppose almost every effective measure to reduce the deficit. That is why the country continues not to trust the Labour party on the economy. The Bill is consistent with our determination to return our public finances to a position of respectability.