Debates between Tobias Ellwood and Mary Macleod during the 2010-2015 Parliament

Capital Gains Tax (Rates)

Debate between Tobias Ellwood and Mary Macleod
Wednesday 23rd June 2010

(14 years, 4 months ago)

Commons Chamber
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Angela Eagle Portrait Ms Angela Eagle (Wallasey) (Lab)
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As the hon. Gentleman is talking about the Office for Budget Responsibility and its forecasts, will he have the good grace to note that its recent deficit forecasts are considerably lower than those in the March Budget because more money has been collected in taxes? The deficit that the hon. Gentleman is obsessing about is actually 2% of GDP lower than the forecast in the March Budget. Will he have the decency to recognise the other side of the coin, as well as this side of it?

Mary Macleod Portrait Mary Macleod (Brentford and Isleworth) (Con)
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The structural deficit is higher.

Tobias Ellwood Portrait Mr Ellwood
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As my hon. Friend the Member for Brentford and Isleworth (Mary Macleod) says from a sedentary position, the structural deficit is actually higher.

Let me deal now with total borrowing as stated by the Office for Budget Responsibility. This is now expected to fall by 2.1% of GDP by 2015, or by £37 billion, which is exactly half of what Labour were predicting, and to reach 1.1% by 2016.