Finance Bill

My Lords, through the majority of the years during which the Conservatives were in power, average interest rates were in double figures. That is the clearest definition that I can give. If I have made a slip, I shall certainly write to the noble Baroness and apologise. While the noble Baroness deplored the fact that growth rates in the economy have declined over the past year, she will appreciate that over the 10 years that we have been in power we have achieved growth rates that have guaranteed for average families an increase in living standards that are far above those that obtained under the previous Administration. Moreover, if the growth rates seen under that Administration had continued to obtain, average families would now be immeasurably worse off. I thank all noble Lords who have participated in the debate. The report of the sub-committee is important and identifies in several areas clear points about which the Government have to think very seriously on issues where further work needs to be done and for which there are no immediate and easy solutions. On the general issues, the Finance Bill continues a pattern of successful management of the economy that is there for all to see. I therefore take great pleasure in commending the Bill. On Question, Bill read a second time; Committee negatived. Then, Standing Order 46 having been dispensed with, Bill read a third time, and passed.