Finance Bill

Nigel Evans Excerpts

Tuesday 3rd July 2012 Commons Chamber

[Mr Gauke]

I beg to move, That the Bill be now read the Third time.

The Bill proposes wide-ranging reforms of the tax system to reward work and promote growth. It supports business and growth, creates a fairer, more efficient and simpler tax system, and builds on our commitment to improving the tax policy-making approach. However, it should be seen against the fiscal backdrop that we inherited.

Before I discuss the Bill in more detail, let me remind Members of the challenges that we face. When we came to power, we were confronted by the largest peacetime deficit that the country had ever seen. One pound in every four was borrowed. Members will recall—[Interruption.]

[Mr Deputy Speaker (Mr Nigel Evans)]

Order. I am finding it rather difficult to hear the Minister.

[Mr Gauke]

Members will recall that the independent Office for Budget Responsibility revealed that the underlying damage to the economy and our challenge in repairing it was much greater than anyone had thought. It was therefore vital for us to take decisive action to restore the economic stability that was needed for recovery, and the Bill is part of that. In order to address the enormous debts that we inherited, confront Britain’s problems and get the economy moving, the Government have undertaken a sustained programme of deficit reduction.

As I said earlier, the Bill supports business and growth. It implements milestones for the corporation tax roadmap, overhauls the controlled foreign companies regime, and introduces the patent box.

--- Later in debate ---

[Richard Graham]

I am very grateful—

[Mr Deputy Speaker (Mr Nigel Evans)]

More briefly this time, Mr Graham.

--- Later in debate ---

[Bill Esterson]

No, I am not going to take any more interventions; the hon. Gentleman can sit down.

We should be seeing the investment from the bank bonus tax and a temporary cut in VAT. The Bill—[Interruption.]

[Mr Deputy Speaker (Mr Nigel Evans)]

Order. Please—I cannot hear Mr Esterson speak.

[Bill Esterson]

The Bill does nothing to help grow the economy or get us out of the problems we face. The House should vote against it.

Question put, That the Bill be now read the Third time.