Finance Bill

I beg to move, That the Bill be now read a Second time. At the time of the Budget, my right hon. Friend the Chancellor was able to set out an upbeat account of the state of the British economy. It was not just my right hon. Friend, however: I draw the House’s attention to the International Monetary Fund’s report on the UK economy in February, which referred to "a decade-long record of strong and steady macroeconomic performance", and pointed out that "growth of real GDP per capita was higher and less volatile than in any other G7 country". We have seen a remarkable transformation of the British economy over the past decade. Uniquely among major economies we have avoided a downturn; 29 million people are in employment for the first time ever and gross domestic product per capita is up from seventh to second in the G7 and the economy is growing faster this year than in every other G7 economy. Locking in that new stability, avoiding risks to it and sticking to our fiscal rules are the immovable constraints around which the Budget and the Finance Bill were constructed.