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Proceeding contribution from Owen Smith (Labour) in the House of Commons on Wednesday, 18 April 2012. It occurred during Debate on bill and Committee of the Whole House (HC) on Finance (No. 4) Bill (Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33, and certain new Clauses and new Schedules relating to value added tax).

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

Labour Members do not believe that the cut from 50p to 45p is good for the economy, and we do not think for a moment that the Minister has justified it today. Nor do we think that he has justified the claim that the rate raised practically nothing, which is what the Prime Minister, rather curiously, told the House earlier today. The Minister himself contradicted the Prime Minister in conceding that it raised perhaps £1 billion. In fact, I think the Minister definitively said £700 million whereas the Prime Minister said it raised nothing. I do not know which of them is right, but I am assuming the Minister is right.

Secondary information

Type
Proceeding contribution
Reference
543 c375 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Devolved matters Aviation Corporation tax Banks Caravans Air passenger duty Income tax Food Economic situation Personal income Northern Ireland Passengers Scotland Wales Tax avoidance Taxation Repairs and maintenance Tax rates and bands Religious buildings Take-away food Wealth Regional airports Bank levy
Legislation
Finance Bill 2010-12 to 2012-13
Link
View this Proceeding contribution on www.publications.parliament.uk