Pre-Budget Report

The hon. Gentleman is making an excellent speech. Does he agree that the IFS has got it wrong when it says that the 45 per cent. rate will raise next to nothing? It argues that the rate will lead to a greater number of people leaving the country and/or using avoidance schemes. Those arguments were precisely the ones used in relation to non-domiciles, but there has not been a queue of people leaving the country, and there has been no apparent, substantial increase in the use of avoidance schemes. Is the IFS not making a misleading point?