Oral Answers to Questions
Christopher Pincher Excerpts(10 years, 5 months ago)
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Sajid Javid
The hon. Gentleman should put an end to the petty party politics and focus on the facts. He talks about the richest 1%, but the richest 1% are paying almost 30% of total income tax, which is the highest share ever. The richest 5% are paying almost 50% of total income tax. The only way this country will recover from Labour’s great recession is if we stick to our long-term economic plan, which is delivering for all.
Christopher Pincher (Tamworth) (Con)
Is not creating more jobs the best way to help the lowest paid? Of the 200 businesses I have polled in my constituency, 83% say that they are optimistic about the future and want to expand to create more jobs. Would not the best way to help them be to lower their taxation so that they can create those job opportunities?
Sajid Javid
Of course my hon. Friend is right; the best way for anyone to raise their living standards is through having an economy that creates more paid employment. That is why we should welcome the fact that more than 1.3 million jobs have been added to our economy over the past four years.
Oral Answers to Questions
Christopher Pincher Excerpts(10 years, 8 months ago)
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Sajid Javid
I am not going to take any lectures from the Labour party on bankers’ bonuses. Under Labour, bankers’ bonuses went up fivefold and peaked at £11.5 billion in 2007-08. At the very same time, the Labour Government were using taxpayers’ money to carry out the world’s biggest banking bail-out. Last year, the bonuses were down 85%.
Christopher Pincher (Tamworth) (Con)
Given what Robert Peston has described as the “stupendous mismanagement” of the Co-operative bank, which has exposed creditors to huge losses, does the Financial Secretary agree that no bonuses should be paid at that bank, and that anybody who has received bonuses or benefits from it should consider paying them back?
Sajid Javid
I agree with my hon. Friend. I understand that the Co-op bank has made donations to at least three members of the shadow Treasury team. It has been reported that the shadow Chancellor used his £50,000 donation from the Co-op group last year to hire a speaker—
Autumn Statement
Christopher Pincher Excerpts(10 years, 8 months ago)
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Mr Osborne
First, we have taken action to take £50 off people’s energy bills. Secondly, we are looking at competition in the market that was left to us by Labour where there were only six energy companies, in order to ensure that there are new companies for people to choose. We are also insisting that people are put on the lowest tariffs, and giving them a real opportunity to switch so that they can obtain a better deal.
Christopher Pincher (Tamworth) (Con)
I congratulate my right hon. Friend on doing the right thing and clamping down on tax avoidance and evasion—that will add a further £6.8 billion to Treasury revenues over the next five years—but can he estimate the extent of the revenues that were forgone because of avoidance and evasion during Labour’s supposed boom years? Is this not another example of our having to clean up after Labour’s failure?
Mr Osborne
We are increasing yield by £40 billion over the current Parliament. It is not just a question of the specific measures that we take to deal with tax avoidance; it is also a question of the resources that we provide for the fraud and tax avoidance units of Her Majesty’s Revenue and Customs. Let me take this opportunity to praise HMRC for the incredible job that it has done.
We must ensure that we collect the revenues that are due. Of course we want to live in a society in which people pay lower taxes, which is why we raised the personal allowance in order to cut income tax, and why I have announced measures to cut business rates for shops and the like. However, people must pay the taxes that are due because they cheat the rest of the country when they do not, and that is why we have taken action to deal with tax avoidance.
Cost of Living
Christopher Pincher Excerpts(10 years, 9 months ago)
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Chris Leslie
Absolutely. In last week’s Opposition day debate, my hon. Friend the Member for Ashfield (Gloria De Piero) correctly highlighted not only the impact of the cost of living crisis on households up and down the country but how it is particularly hitting women.
Christopher Pincher (Tamworth) (Con)
On the subject of giving and taking, is the hon. Gentleman aware that in 20-odd years of Labour control of Staffordshire county council, Labour hiked council tax time after time, whereas this year the Conservative-controlled county council has cut the tax? Does that not show that Tories give money back and Labour takes it away?
Chris Leslie
The trouble for the hon. Gentleman is that an awful lot of Conservative councils have metaphorically stuck two fingers up to the Secretary of State for Communities and Local Government and, indeed, the Chancellor by deciding to increase council tax because the Government’s approach to local government finance has squeezed services. Even Conservative councils and authorities are finding themselves in a position where they are raising council tax.
Christopher Pincher (Tamworth) (Con)
It is a pleasure to follow the hon. Member for Inverclyde (Mr McKenzie) and to speak in this debate. It gives me an opportunity to relate to the House the good news happening in Tamworth, which is not some leafy suburb but a no-nonsense, hard-working, gritty, midlands town. In Tamworth in the past 12 months, unemployment has fallen by 31%, youth unemployment by 35%, and long-term unemployment by nearly 40%.
Last month I held a jobs fair at which there were more jobs than jobseekers. There were some 400 jobs, including apprenticeships at Jaguar Land Rover and Spline Gauges, 50 jobs at Marston’s brewery, and jobs at Toys R Us. That demonstrates in a small but significant way how we have turned a corner and are creating real, sustainable jobs and growth for our constituents. It is our job to do that, and a story that Labour Members do not like to tell, just as they do not like to be reminded of their last miserable years in government, when in my town jobs were lost across the board. One could walk down the Glascote road and see repossession notices in window after window, as banks foreclosed on people’s homes. People were not just losing their jobs under Labour, they were losing their homes as well. We will not listen to lectures from Opposition Members when we remember the grisly legacy of Labour’s years, and we will not let them forget it either.
Alec Shelbrooke
Does my hon. Friend agree that in order to receive a lecture, someone actually has to have some information given to them?
Christopher Pincher
My hon. Friend is, as ever, apposite in his point, and we look forward to hearing Labour’s plan—plan A, plan B, plan Z? One day perhaps we will hear what it might be.
We have heard something from the Leader of the Opposition, whose latest stunt is to announce an energy price freeze. We should beware geeks bearing gifts, because that announcement is pretty hollow for three reasons. First, if a price freeze is imposed, companies will simply hike their prices before the freeze and afterwards, and people will be paying artificially high energy prices. That is what Professor Dieter Helm says, as well as Adam Scorer from Consumer Focus. Even the hon. Member for Southampton, Test (Dr Whitehead) has raised that concern. He is a Labour member of the Energy and Climate Change Committee and says that Labour’s plans for an energy freeze are somewhat sketchy.
The second reason a freeze will not work is that rather than break up the big six oligopoly, it will entrench it. Stephen Fitzpatrick of Ovo and the First Utility company—the company of choice for the Leader of the Opposition—say that a price freeze will make it more difficult for them to break into the market and operate, and that it will entrench the position of the big six, rather than break it up. The third reason the freeze will not work is that it will jeopardise £125 billion-worth of investment that we must make in short order in our energy infrastructure—£25 billion of that in the pipes and pylons that keep our lights switched on.
Angie Bray (Ealing Central and Acton) (Con)
Is there not a fourth problem? It would be a brave Government indeed who called an end to the so-called 20-month freeze precisely because, as they would know, prices would be likely to increase. Therefore, the chances are that prices would be frozen at that level.
Christopher Pincher
My hon. Friend makes a valid point. I suspect that, were we, heaven forfend, to have a Labour Government, they would show a great deal of pusillanimity in the face of the energy companies—the big six that they created. We need to ensure that we get that infrastructure funding flowing from private enterprise. Unless we get that money from the private sector, the poor old taxpayer must foot the bill.
We do not need an artificial, high price freeze in future; we need price cuts now. That is what will help our constituents, and that is what they want. That is what the Energy Bill will deliver. We need to make it easier for people to switch: 24-hour switching could save people up to £200 on their energy bills. We need to get rid of the array of tariffs—under Labour, there were more than 400—and put people on the lowest tariff available. That could save people £158. If we also roll back those green levies and do not impose the £125 carbon tax that Labour tried to impose through the Energy Bill in the other place just two weeks ago, that will save our constituents money. That is real help for real people now, not the conjuring trick that the Leader of the Opposition, like some street magician, wants to undertake.
We will remember at all times and in all circumstances that the Labour Government, like a bunch of boy racers behind the political wheel, wrapped our economy around a lamppost. Never, ever will we let it happen again.
National Insurance Contributions Bill
Christopher Pincher Excerpts(10 years, 9 months ago)
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Mr Gauke
That, too, is a theory, but I am not sure that it is necessarily persuasive. When we fought the previous general election, the Labour Government’s big policy for deficit reduction, among a pretty thin set of policies, was a big increase in national insurance contributions. We have already reversed the worst effects of that, and the Bill is a further measure that will help businesses up and down the country to create jobs.
The hon. Member for Bolton West is referring to one element of Labour’s five-point plan, which we do not hear much about any more, but there were serious problems with Labour’s proposal; this one is very different from that. It was a much more targeted scheme aimed at smaller employers taking on new employees, which raised all sorts of practical questions about how to define a new employee and how to prevent there being perverse incentives. I put it to the House that that scheme was neither workable nor likely to achieve its objectives. I suspect that we shall return to that issue.
Christopher Pincher
No, I am definitely Bashful. Cheeky is probably on the other side of the House.
Does my hon. Friend the Minister agree that the key component—the most important innovation in the proposal—is the fact that it encourages confidence among businesses, particularly small businesses? I held a jobs fair a couple of weeks ago and 500 jobs, part-time and full-time, were available. Many small businesses at the fair thought that cutting their tax through this measure was the right thing to do.
Mr Gauke
I am grateful to hear of the experience in Tamworth, and my hon. Friend is right to raise that point. Particularly for those small employers taking on their first person, the fact that they do not have to pay employer’s national insurance contributions at 13.8% will help them. In many cases, the Bill will have exactly that effect. I welcome what appears to be broad support for the measure.
Economic Growth
Christopher Pincher Excerpts(11 years, 3 months ago)
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Ed Balls
As I said, I want to see the borrowing coming down, and it is not coming down because this Chancellor has flatlined the economy. We have had almost no growth since 2010 and the result is that he is borrowing £245 billion more.
I have made speeches in the last two Queen’s Speech debates: I have said that there should be a temporary VAT cut, which would cost £12 billion. I have called for a national insurance cut, VAT at 5% and for infrastructure investment to be brought forward. If those things had been done, borrowing would be coming down now; under this Chancellor, it is not. The economy has flatlined and the deficit reduction plan has flatlined as well.
With the IMF here in town, what the Government should do is listen to the IMF chief economist, who says they are “playing with fire”. The IMF has said they should slow the pace of deficit reduction, stimulate the economy and get growth moving to get the deficit down. That is what the Government should do.
Christopher Pincher (Tamworth) (Con)
Is that the “borrow, borrow, borrow” advice that the shadow Chancellor gave to the President of France, whose deficit is well above the EU average and whose economy has shrunk by 0.2%? Is that the kind of advice he is giving to his fraternal friend?
Ed Balls
The EU produced the latest growth figures today. The figures for France are disappointing. France has gone into recession. It is in the eurozone, trapped in austerity, and its economy is not growing. I looked at the figures today to see what French growth had been since the Chancellor’s spending review compared with the UK. Since the spending review in 2010, growth in France has been 1.1% and growth in the UK has been 1.1% as well, compared with Germany, which has had three times more growth, and America, which has had four times more growth. The eurozone is locked into austerity by virtue of those countries’ membership of the single currency. Our Chancellor imposed on our economy austerity that went too far, too fast, and what has happened? He has delivered the same growth performance over the last two years as that of the French economy, well behind that of Germany and America, where, as we now know, the deficit is coming down.
Autumn Statement
Christopher Pincher Excerpts(11 years, 8 months ago)
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Christopher Pincher (Tamworth) (Con)
Half a dozen European Ministers, from within the eurozone and outside it, have stated in terms that they do not believe that growth should be used as a pretext for running up more and more debt. Does my right hon. Friend agree that those Ministers show a degree of foresight and common sense that is sadly lacking in the shadow Chancellor?
Mr Osborne
That powerful point was made by the Finance Ministers of not only Germany and Sweden but some of the Baltic states. One of the tragedies of British economic management under the last Government is that we went into the crisis with a huge structural deficit. The International Monetary Fund has now assessed that Britain carried the largest structural deficit of any major western economy going into the banking crash, yet extraordinarily the shadow Chancellor goes around saying that there was no structural deficit. If we had managed our public finances like Germany, for example, we would be in better shape.
Fuel Duty
Christopher Pincher Excerpts(11 years, 9 months ago)
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Sajid Javid
The motion mentions tax avoidance—he really should read his own party’s motion. The number of HMRC employees went down from 96,000 to 66,000 under his Government.
Labour Members had 13 years to clamp down more widely on tax avoidance. They had 13 years to do what they are calling for today. Did they take that chance? No. There were 13 years of inaction, and a consultation gathering dust in the Treasury archives. Even then, their figures simply do not add up. They claim that clamping down on this tax relief would bring in £650 million, but figures released while they were in power show it would bring in significantly less. If they ever want to regain credibility on the economy, they need to apologise for the mess in which they left the economy and learn to stop making irresponsible, unfunded promises.
Christopher Pincher (Tamworth) (Con)
Only the deluded or those who want to avoid tax will oppose the closing of tax loopholes. Many people have criticised some companies for avoiding tax, but a company called Stemcor pays only £163,000 from the £65 million of profits it makes each year—about 0.1% of its revenues. If companies are to be criticised, should not Stemcor be criticised?
Sajid Javid
I thank my hon. Friend for that point. It would not be appropriate for me to talk about any individual company, but he makes a good point. Any company that is engaged in aggressive tax avoidance needs to explain itself.
Tax avoidance ran rife under Labour. We have taken action. We are investing £900 million to tackle tax avoidance and evasion, which will deliver £7 billion a year by 2014. We have already signed a groundbreaking agreement with Switzerland to make it much more difficult to evade tax. In March this year, HMRC closed a business property loss scheme within a week of its disclosure. At the G20, the Chancellor and his German counterpart announced concerted co-operation to close gaps in international standards and to crack down on international tax avoidance. Labour's former City Minister, Lord Myners, was on the radio only this morning welcoming this progress.
Underpinning all this progress, we are introducing a general anti-abuse rule so that no one can follow the letter of the law but abuse the spirit and get away with it—something else on which the Labour party never delivered. This is what real action on tax avoidance looks like.
Christopher Pincher (Tamworth) (Con)
It is a pleasure to follow the hon. Member for Airdrie and Shotts (Pamela Nash). I gently point out to her that there are twice as many Government Back Benchers here tonight than Labour Back Benchers, and that is for an Opposition day debate, but we will let that one lie.
It is great pleasure to participate in this debate, and I congratulate the Opposition on tabling this motion, because it gives us all an opportunity to stand back and admire the brazen brass neck, the unbridled cynicism and the naked opportunism that characterises it. It seems that the shadow Chancellor is almost congenitally unable to stand and watch a bandwagon pass by without having the urge to jump aboard it. However, it seems that he has been overtaken with uncharacteristic modesty this evening, because he is not here; he has fallen silent. For the past few days he has been beating his chest, beating the drum and complaining about fuel duty increases, but now, this evening, he has donned the mantle of the mute. A week after Guy Fawkes night, he has lit the blue touch paper and withdrawn to a safe distance, leaving his ciphers and his sidekicks to propose and support his motion—and well he might, because we have heard a chorus of amnesia from Labour Members. We have heard them speak forgetting all they have done in the past, forgetting what they are saying while they are saying it and forgetting everything they have said when they have sat down. But we will not forget: we will not forget the meagre 75p increase in pensions; we will not forget the 12 hikes in fuel duty; and we will not forget the increase in fuel poverty between 2004 and 2009. I want to touch on that issue, because during Labour’s tenure—
Bill Esterson
According to the House of Commons Library, the proportion of a litre of fuel paid in tax rose from 59% to 75% between 1990 and 1997, whereas between 1997 and 2010 it fell back to 65%. Does the hon. Gentleman accept those figures?
Christopher Pincher
All I will confirm is that fuel duty would have increased many more times had Labour’s Budget been implemented and that 2.8 million more people fell into fuel poverty between 2004 and 2010 as a result of the policies that the Labour Government pursued. The fact of the matter is that energy prices went up on the watch of the Leader of the Opposition, when he was Secretary of State—that is all he did; he stood there and watched as millions more people fell into fuel poverty.
I am pleased to say that in my constituency fuel poverty has fallen by 5% in the past year or so, and we estimate that by 2020 it will have fallen by about 25%. Thanks to the Government introducing and increasing the cold weather payments, and thanks to the discount of about £120 a year that will help 600,000 vulnerable pensioners, these people will be better off. The Government are helping them, but it is not enough. If we try to stick sticking plaster over a problem such as fuel poverty, we will not resolve it. That is like treating pneumonia with Angiers junior aspirin. What we really need to do is get to the actual causes of fuel poverty. In the 10 years between 2000 and 2010, under the previous Labour Government, £25 billion was spent on trying to alleviate fuel poverty yet the increases in fuel prices swamped those measures. Now, three quarters of those who live in the most energy-inefficient homes are in fuel poverty compared with one in 20 of those living in the most energy-efficient.
If we are serious about dealing with the problem of fuel poverty and dealing with one of the greatest challenges in the cost of living, we need to get a grip on the demand side of the equation. That means ensuring that homes are properly insulated. Not only that, but they should have proper and modern boilers and smart meters so that people can for the first time take control of their energy demands and reduce them. That is what the green deal is all about.
We need also to deal with the supply side of the energy equation. A generation ago, there were 15 energy suppliers, but that number has now reduced to just six. A generation ago, energy bills were relatively straightforward but now people are confused by an array of tariffs. A generation ago, 75% of people rarely if ever switched their energy suppliers. That is still the case. If we are serious about dealing with one of the biggest challenges and biggest drains on people’s means, we need to deal with energy costs.
I hope that the Government’s proposals in the draft Energy Bill, to which I look forward, will ensure that people are put on the best and cheapest tariffs and that we invest in new nuclear and shale gas, which Labour left behind for 10 years, so that we secure our energy supply and are not exposed to international gas and hydrocarbon volatility, which has caused so much distress to bill payers over the past 10 years. The Government must also be careful in that Bill, because although we need to ensure that we have a sufficient, resilient and diverse supply of energy, we must ensure that the mechanism to deliver that capacity does not place undue burdens on the industry that will deliver it.
The industry reckons that the capacity mechanism could increase its costs, which it could pass on, by anywhere between £3 billion and £13 billion, meaning that anywhere north of £14 a year could be added to energy bills. We need to ensure that the Energy Bill does not have the perverse effect of adding to energy bills as it tries to reduce them. I hope that the Minister will pass on that message to his colleagues in the Department of Energy and Climate Change.
For the moment, let us thank the Labour party for tabling the motion and enjoy the theatre of the absurd. It is an absurd prospect: the Labour party introduced the fuel duty escalator, increased fuel duty and wanted to hike it again if it won the last election, but it is now proposing to freeze fuel duty by closing the tax loopholes that its own labyrinthine Treasury policies allowed. I am sure that the Chancellor is aware of the cost to the country of fuel duty, but I think that the country is also aware of the cost to it of the previous Labour Government—a grisly experiment that it will not want to repeat.
Bill Esterson (Sefton Central) (Lab)
As the hon. Member for Mid Bedfordshire (Nadine Dorries) is gathering votes from Government Members as we sit here, we find out that she lasted only five minutes of a bush tucker trial. Meanwhile, back in the real world, her constituents and mine are suffering grievously because of the cuts in living standards that have resulted from the Conservative party’s economic policies. The real struggle of many of our constituents stands in stark contrast to her outrageous behaviour. The impact of fuel prices is one of many worries that have brought living standards under attack. I wonder how many people out there in the country think it is appropriate for a Member of this House to be away for five weeks—
Bill Esterson
And that is when the country faces the toughest economic situation of modern times—[Interruption.] Goodness knows what the hon. Lady’s constituents think, but what of her colleagues? Judging by their reaction to what I have just said, they clearly approve. They have all said that they want to scrap the fuel duty rise, but they will not vote for it. Maybe they should all be in Australia cheering on Nadine, rather than rejecting efforts to help all our constituents.
There are many pressures on living standards and a lot of money has been taken out of the economy, affecting businesses and jobs and delivering hardship for many people in this country. As I have said, it is extraordinary that Government Members will not vote for a measure that would do exactly what they all say they support.
Let me say a little about some of my constituents—the pensioners, working families, young people out of work and commuters—all of whom will be hit by the Government’s failure to cancel the fuel duty rise. Pensioners, some of whom have to choose between heating and eating, face increased food prices and, at the same time, will have to pay more for bus and taxi fares or, if they have a car—some pensioners do—they will find it very expensive to run. It is no wonder we are seeing more and more people relying on food banks. The Government tell pensioners to deal with rising energy costs by going on the internet and looking at uSwitch, but my pensioners tell me that most of them have never used a computer, let alone the internet, and so would not know where to start. How is that a solution to rising energy costs and falling living standards? You tell me, Madam Deputy Speaker, or perhaps the Minister can tell me when he winds up the debate. That is before the granny tax has taken money from pensioners to pay for tax cuts for millionaires. Then there was the young man whose building firm was wound up because he and his partner could not get any work. He now works in a shop for £6.50 an hour and barely has enough money coming in to put food on the table and pay the rent, let alone put fuel in his car.
The least we could do is to make some kind of move to help these people by cancelling the fuel tax increase. As I said in an earlier intervention, and as FairFuelUK has demonstrated, its effect would be a fall in GDP and a loss of 35,000 jobs, so no jobs would be created for the more than 1 million young people who are out of work. At the same time, the tax credit cuts will hit part-time workers, and that is where jobs are being created. Part-time jobs have increased, but not the full-time ones that would help to build prosperity. Many small businesses tell me that they are getting by with fewer staff who are working longer hours. HGV owner-drivers tell me that the cost of filling their lorries has gone up and up, and all those increased fuel costs have to be passed on, either through cuts in their own income or price rises that hit the living standards of those on the lowest incomes. VAT is up, fuel prices are up, food prices are up, energy prices are up, and taxes are up—except, of course, for those millionaires.
Tonight we, as the House of Commons, have an opportunity to vote to cancel the fuel duty rise, not least because of the impact that it would have in the coldest part of the year when people rely on fuel for their cars more than at any other time. The Government have an opportunity, if they choose, to do this by closing tax avoidance loopholes and targeting the Starbucks, Amazons and Googles of this world, thereby helping those whose living standards have suffered.
Beer Duty Escalator
Christopher Pincher Excerpts(11 years, 9 months ago)
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Andrew Griffiths
I thank the hon. Gentleman for that intervention. He is absolutely right. Some 85% of pubs across this country are small and medium-sized enterprises—small businesses that are trickling that economic impact down into our communities.
I draw the hon. Gentleman’s attention to the statistics released today by CAMRA, which show that there is an alarming increase in the number of pub closures. We all thought that we had seen the back of the bad old days in 2010 when 26 pubs per week were closing, once the figure had fallen to 12 per week. However, the new figures released by CAMRA show that 18 pubs per week are closing. That means that since March this year some 450 pubs have closed, and since the introduction of the beer duty escalator in 2008 some 5,800 pubs have closed.
Christopher Pincher (Tamworth) (Con)
A regrettable statistic—and I remember the days—is that one used to be able to buy six pints for a fiver. [Interruption.] I did not drink them all, I might say; I was buying a round. Since then, the cost of beer has increased and, as my hon. Friend says, the number of pubs that have gone to the wall and are going to the wall is increasing. As a result, revenue to the Exchequer is falling. Does he agree that the beer duty escalator is not simply raising money? It is losing money for the Exchequer.
Andrew Griffiths
My hon. Friend has put his finger on the nub of the problem. I want to remind the House that when the then Chancellor, the right hon. Member for Edinburgh South West (Mr Darling), introduced the beer duty escalator he said that,
“as incomes have risen, alcohol has become increasingly more affordable…In order to ensure that alcohol duties keep pace with rising incomes, alcohol duty rates will increase by 2 per cent above the rate of inflation”.
IMF
Christopher Pincher Excerpts(12 years, 4 months ago)
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Mr Osborne
I certainly agree that Germany and other countries need to live with the consequences of the euro, and the German taxpayer is now having to provide many hundreds of billions of euros to various funds.
My hon. Friend is right that many Conservative Members warned of the consequences of Britain joining the euro. I remember helping the then Leader of the Opposition write a speech that he delivered at Fontainebleau, which was immediately parodied by the then Government, led by Tony Blair, and the then Chancellor, the right hon. Member for Kirkcaldy and Cowdenbeath (Mr Brown), as deeply irresponsible. The then Conservative leader spelled out in that speech a lot of the consequences that have come to pass.
Christopher Pincher (Tamworth) (Con)
Harold Wilson famously said that a week is a long time in politics, so does my right hon. Friend agree, having seen the shadow Chancellor’s performance—he first supported decent funding for the IMF and then quickly appeared to criticise it—that it now appears that Labour’s Treasury team’s dictum is that a minute is a long time in politics?
Mr George Osborne
Unfortunately, the shadow Chancellor has not, in the 18 months that he has been doing that job, set out any kind of consistent and principle-based opposition to the Government. It is all over the place, and has ended up with the Labour party voting against an increase in IMF resources. If we asked people for one of the achievements of the three-year Brown Government, they would probably say, “The London G20 summit was about the only one,” and that was all about increasing IMF resources. The position that the shadow Chancellor has led the Labour into is a remarkable one.