Finance Bill. Lords second reading debate. Agreed to on question. Committee negatived. Standing Order 47 having been dispensed with, Bill read a third time and passed.

Finance Bill. Lords second reading debate. Agreed to on question. Committee negatived. Standing Order 47 having been dispensed with, Bill read a third time and passed.

My Lords, I confirm to the noble Lord, Lord Myners, that the proposals are indeed for an 18 per cent capital gains tax rate and for 28 per cent on those who are on the higher bands for income tax. We have no other proposals. I shall respond briefly to...

My Lords, I confirm to the noble Lord, Lord Myners, that the proposals are indeed for an 18 per cent capital gains tax rate and for 28 per cent on those who are on the higher bands for income tax. We have no other proposals. I shall respond briefly to...

It is a privilege to be speaking in a Second Reading so soon after being introduced in this House. I congratulate the noble Lord, Lord Spicer, and the noble Baroness, Lady Browning, on their excellent maiden speeches. They were colleagues in the Commons, and I look forward to healthy exchanges...

It is a privilege to be speaking in a Second Reading so soon after being introduced in this House. I congratulate the noble Lord, Lord Spicer, and the noble Baroness, Lady Browning, on their excellent maiden speeches. They were colleagues in the Commons, and I look forward to healthy exchanges...

My Lords, it is difficult to welcome a Finance Bill which increases taxation, and it will most certainly be unpopular. However, I do not have the slightest doubt that it is absolutely essential if we are to deal with the situation that we have inherited, which requires drastic measures on...

My Lords, it is difficult to welcome a Finance Bill which increases taxation, and it will most certainly be unpopular. However, I do not have the slightest doubt that it is absolutely essential if we are to deal with the situation that we have inherited, which requires drastic measures on...

My Lords, I add my congratulations and welcome to the noble Lord, Lord Spicer, who is an erstwhile tennis partner. More recently, he found himself showing me round the Carlton Club—as much to his surprise as mine, I think. It reminds me of his distinguished service as chairman of the...

My Lords, I add my congratulations and welcome to the noble Lord, Lord Spicer, who is an erstwhile tennis partner. More recently, he found himself showing me round the Carlton Club—as much to his surprise as mine, I think. It reminds me of his distinguished service as chairman of the...

My Lords, it is a great pleasure and privilege to follow my noble friend Lady Browning, and I congratulate her on a very eloquent and well judged speech. Her speech illustrated that she brings to this House a huge and valuable breadth of experience on many topics. She served some...

My Lords, it is a great pleasure and privilege to follow my noble friend Lady Browning, and I congratulate her on a very eloquent and well judged speech. Her speech illustrated that she brings to this House a huge and valuable breadth of experience on many topics. She served some...

My Lords, it is a privilege to contribute to this debate. We have heard two excellent maiden speeches from my noble friends Lady Browning and Lord Spicer. Although their speeches were very different, they were both accomplished parliamentary performances. They will both be a credit to this House, and we...

My Lords, it is a privilege to contribute to this debate. We have heard two excellent maiden speeches from my noble friends Lady Browning and Lord Spicer. Although their speeches were very different, they were both accomplished parliamentary performances. They will both be a credit to this House, and we...

My Lords, the financial deficit has to be addressed and it has to be reduced. The question, though, is whether the Budget and this Bill address the deficit in a rational and appropriate manner. The global recession of 2008 was the largest since the end of the Second World War....

My Lords, the financial deficit has to be addressed and it has to be reduced. The question, though, is whether the Budget and this Bill address the deficit in a rational and appropriate manner. The global recession of 2008 was the largest since the end of the Second World War....

My Lords, the Finance Bill implements the taxation provisions of the emergency Budget Statement of 22 June. These will come to about 20 per cent of the total fiscal tightening which has been planned in this Parliament. So the Finance Bill as we have it before us is part of...

My Lords, the Finance Bill implements the taxation provisions of the emergency Budget Statement of 22 June. These will come to about 20 per cent of the total fiscal tightening which has been planned in this Parliament. So the Finance Bill as we have it before us is part of...

Yes—but it depends for how long the candle exists before it is blown out. That is the issue. I fear that the candles have been blown out already. In terms of child poverty, the Liberals have signed up for eradication in 2020. The Minister stood at that Dispatch Box last...

Yes—but it depends for how long the candle exists before it is blown out. That is the issue. I fear that the candles have been blown out already. In terms of child poverty, the Liberals have signed up for eradication in 2020. The Minister stood at that Dispatch Box last...

My Lords, I am grateful to the noble Lord for giving way but I must reply to his assault upon the sole Liberal Democrat in the Chamber. Does he not agree that a candle at least provides a little light in a naughty world?

My Lords, I am grateful to the noble Lord for giving way but I must reply to his assault upon the sole Liberal Democrat in the Chamber. Does he not agree that a candle at least provides a little light in a naughty world?

I thank the noble Lord for that. But I did not say that the Treasury intervened at all in the workings of the MPC. It has a representative there to point out policy matters which the Treasury might be aware of or which it thinks the MPC might be aware...

I thank the noble Lord for that. But I did not say that the Treasury intervened at all in the workings of the MPC. It has a representative there to point out policy matters which the Treasury might be aware of or which it thinks the MPC might be aware...

My Lords, as I conclude the debate on this Finance Bill—and I note that it is a debate on the Finance Bill, although I am grateful to noble Lords who have contextualised it by talking more widely about the Budget—I thank all noble Lords for their contributions, which have played...

My Lords, as I conclude the debate on this Finance Bill—and I note that it is a debate on the Finance Bill, although I am grateful to noble Lords who have contextualised it by talking more widely about the Budget—I thank all noble Lords for their contributions, which have played...

I look forward to seeing if and when the noble Lord, Lord Myners, returns to the City. There are accepted practices and terms for all who have worked in different parts of the public sector when they return to the City or elsewhere. Perhaps I may move on to talk...

I look forward to seeing if and when the noble Lord, Lord Myners, returns to the City. There are accepted practices and terms for all who have worked in different parts of the public sector when they return to the City or elsewhere. Perhaps I may move on to talk...

Perhaps I may help the Minister. In his evidence to the Treasury Select Committee, Sir Alan Budd said that he had seen confidential information which was not in the public domain—information which the Minister, given his past City career as a Swiss banker, would no doubt recognise as price-sensitive information.

Perhaps I may help the Minister. In his evidence to the Treasury Select Committee, Sir Alan Budd said that he had seen confidential information which was not in the public domain—information which the Minister, given his past City career as a Swiss banker, would no doubt recognise as price-sensitive information.

I thank the noble Lord, although that was a different point from the one that he made previously; the point that he made in his speech was whether members of the OBR would have inside knowledge of the forecasts. The whole point about the OBR is that it will publish...

I thank the noble Lord, although that was a different point from the one that he made previously; the point that he made in his speech was whether members of the OBR would have inside knowledge of the forecasts. The whole point about the OBR is that it will publish...

I fear that the noble Lord is moving on from the OBR, so may I ask him again for a simple and straightforward answer? Are the members of the OBR going to be allowed to return to the hedge funds for which they previously worked immediately on leaving the OBR,...

I fear that the noble Lord is moving on from the OBR, so may I ask him again for a simple and straightforward answer? Are the members of the OBR going to be allowed to return to the hedge funds for which they previously worked immediately on leaving the OBR,...

They are taking away information in their head. It is intellectual property; it is not taking away documents. The Minister is being less than open with us if he puts that construction on it.

They are taking away information in their head. It is intellectual property; it is not taking away documents. The Minister is being less than open with us if he puts that construction on it.

My Lords, I believe that I have addressed the point. As with any such office, it would be inconceivable if members of the OBR took confidential information away with them. Just as the noble Lord, Lord Stern, has referred to a report which he compiled for Ministers in 2004 but...

My Lords, I believe that I have addressed the point. As with any such office, it would be inconceivable if members of the OBR took confidential information away with them. Just as the noble Lord, Lord Stern, has referred to a report which he compiled for Ministers in 2004 but...