Finance (No. 4) Bill

Debate between Mark Reckless and Elizabeth Truss

Wednesday 18th April 2012 Commons Chamber

[Mark Reckless]

My hon. Friend makes a powerful case for the merits of a 40p top rate of tax. Will she therefore support the Opposition amendment?

[Elizabeth Truss]

I am not quite sure whether their amendment expresses what they wanted it to express. As with the HMRC report, there may be some uncertainty about what exactly the Opposition intend to do.

First, the introduction of the 50p tax rate diverted resources from the productive economy at a very important time—just as we were heading into the worst recession, thanks to the dreadful economic policies of the previous Government.