Oral Answers to Questions

Tessa Munt Excerpts

Tuesday 7th February 2012 Commons Chamber

[The Deputy Prime Minister]

The announcement from Lloyds will be of immense concern to the employees involved, and it is important that Jobcentre Plus and other resources are made available to react in those areas that are affected. Of course there is huge concern in all parts of the House and across the country about bonuses, particularly in our state-owned banks. Again, it would be much easier to take the hon. Gentleman’s party seriously if it had taken action on bank bonuses and not let them rip in the first place over the past 13 years.

[Tessa Munt (Wells) (LD)]

T14. Does the Deputy Prime Minister agree that there is a moral and ethical case for going faster and further in raising the income tax threshold to £10,000 in the next Budget, mainly because that will help the least well-off who, unlike the wealthy who can save, have to spend every single penny that they earn on their keep because they must?

[The Deputy Prime Minister]

The simple principle of saying that millions of people, particularly those on average incomes and on low and middle incomes, should be able to retain more of the money that they earn is a very good one. It has not only a moral dimension but an economic logic, too, because with more money kept in their own pockets, hopefully that in turn will encourage many, many consumers to go out and shop and help move the wheels of the British economy.