Finance Bill — 6 May 2003 at 21:50

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

The Finance Bill is about enterprise and fairness-meeting our responsibilities to business, taxpayers, the environment, the international community and the most vulnerable members of our society. The context of this Bill is one of continued economic uncertainty around the globe. In the past two years, many of our strongest competitors-notably, the United States, Germany and Japan-have experienced recession. We have recognised that the global slow-down has brought challenging times for businesses. It is a sign of the strength of the economic framework that the Government have put in place over the past six years that the economy has remained stable and has continued to grow, unlike those of our major competitors and in contrast to the recessions of the past.

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 Bill because the provisions contained in its two volumes of 447 pages increase the burden of taxation on the economy, fail to take account of the effects of inflation and will lead to a further decline in the competitiveness and relative attractiveness of the UK as a location for investment."

Question put, That the amendment be made:-

The House divided: Ayes 149, Noes 379.

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