Pre-Budget Report

I will make more progress, because many Members want to speak. Unfortunately, we have only three hours to debate this issue, although we would be happy to debate it all afternoon. I turn to the national insurance changes. The Chancellor made the claim that only those on incomes of more than £40,000 will be worse off than they are today as a result of the national insurance increase. I am glad to say that the Institute for Fiscal Studies comprehensively demolished that claim yesterday; it said that it was not true. What is true is that anyone earning more than £19,000 will pay more tax than they do now as a result of Monday's Budget.