Finance Bill — 9 Apr 2001

[Relevant documents: Minutes of Evidence from the Treasury Committee, Session 2000-01 on the 2001 Budget, HC 326-i to iv.]

Order for Second Reading read.

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

Notwithstanding the gravity of the foot and mouth situation, it is good to move Second Reading at a time when the fundamentals of our economy are stronger than they have been for a generation. Because of our reformed monetary framework, tough fiscal rules and prudent choices, we now have the lowest inflation for 30 years, and it is the lowest in the European Union; the lowest long-term interest rates for 35 years; the highest business investment for 40 years, at over 14 per cent. of gross domestic product; the lowest unemployment since 1975, with more people in work than ever before--more than 1.1 million more than in 1997; and sound public finances, cutting free of the millstone of debt run up by the Opposition when they were in government.

Question put, That the Bill be now read a Second time:--

The House divided: Ayes 319, Noes 175.

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