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(Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33, and certain new Clauses and new Schedules relating to value added tax)

That is clearly not the situation, as I will seek to demonstrate in the next few minutes. The starting point of any Budget has to be the scale of the national debt, and the debate must take into account the legacy of the deficit that has been inherited, the scale of public spending, and the projections that can be made in a situation that is uncertain because of the volatility in the economy in the UK, in Europe and across the rest of the world. There is also an important central element about the setting of personal tax rates. We need to create an environment where the economy is growing and this country is attractive to international investors and to investors who reside in the UK. We want to recreate a business-friendly environment where wealth and jobs are created, and where that is spread across all parts of the UK. The 50% rate is absolutely key, and an awful lot of attention has been paid to that. The hon. Member for East Antrim talked about the economics and the politics of it and claimed that both were wrong, but in fact both are right. If one thing in the Budget sent a positive message to every investor and every mover of capital around the world, it was the reduction of the 50% rate to 45%, which said that Britain is once again open for business.