Finance (No. 2) Bill — 24 Apr 2006 at 21:50

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

In the Chancellor's 10th Budget, my right hon. Friend set out our position of economic stability and growing economic strength: 54 quarters of consecutive growth, inflation at the 2 per cent. target, interest rates at sustained lows and growth of 2 to 2.5 per cent. above France, Germany, Italy and Japan. The Bill will maintain that position and strike the right balance between tax, spending and borrowing. It is part of the mechanism whereby we will deliver on the wider commitment and vision of a productive, enterprising, competitive Britain.

I beg to move, To leave out from "That" to the end of the Question, and to add instead thereof:

"That this House declines to give a Second Reading to the Finance (No. 2) Bill because the provisions contained in its two volumes and 475 pages increase complexity and instability in the tax system, discouraging business investment and damaging productivity and penalise hard-working prudent families seeking to provide responsibly for their future; and because the provisions undermine attempts to improve IT skills by abolishing the UK's Home Computer Initiative, damage enterprise by abolishing the 0% rate of corporation tax, leave the UK with an ever-rising tax burden that damages its competitiveness and fail to prepare the country for the challenges and opportunities of the globalised world economy."

Question put, That the amendment be made:-

The House divided: Ayes 199, Noes 289.

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