Finance Bill

I will take no lessons from the Economic Secretary on spin. We have seen quite enough of his handiwork in the past few weeks. He ought to stick to his job as Economic Secretary, rather than engaging in media management or trying to give lessons to others. The hon. Gentleman was a little disappointing in his remarks. We share some common ground. We both recognise that the reliefs specified in my new clause are available to all, not exclusively to private equity. However, we are in danger of having a debate in an information vacuum. Questions are being asked about how much the reliefs are worth. There were questions in the Treasury Committee last week, when the people from private equity firms were asked how much capital gains tax was being paid. It would have been helpful if that information were available. Without it, it is difficult for that debate to take place in a rational and well reasoned fashion. The information would provide a context or framework. There is no point in pushing for a report which would consist of a series of blank pages. In the debate about private equity, we should be careful about drawing the wrong conclusions, reading headlines, not substance, or being distracted by other issues. It is regrettable that the information is not available. The Treasury Ministers may be sending out a clear message, but I am not sure it is the same message as is being given out by their colleagues on the Back Benches or in other positions in Government. No doubt that will all change after Wednesday, in its own inimitable style. We need to make sure that a proper debate takes place. The fact that the information is not available should be made clear to all the participants. I hope members of the Treasury Committee will read this brief debate and understand the constraints under which everyone is working in the debate. The Minister rightly pointed out the continuation of the memorandum of understanding from a treatment agreed in 1987, and he spoke about the Lawsonian purposefulness of the hon. Member for Twickenham (Dr. Cable). Of course, the distinction between income and capital has become more important as the capital gains tax reforms made by the Chancellor have unfolded, so it has become a much more important issue when one can be taxed at 10 per cent. and one at 40 per cent. Although the MOU has been around for 40 years, it has been brought into sharper focus as a consequence of those changes. It therefore behoves us all to think carefully about it. Given that there is nothing to be said in the report, I beg to ask leave to withdraw the motion. Motion and clause, by leave, withdrawn.