Pre-Budget Report

No, I have given way many times. I am sure that the hon. Gentleman agrees that it would not be fair on other Members if I did so again. The Government are absolutely right in all that they propose. Everyone agrees that getting the banks lending again is a vital part of the solution, but for Lord Lawson yesterday and Opposition Members today to plead that, if only we could get the banks to lend again, all our problems would disappear is implausible and disingenuous. It just is not right. It is important to do that, however, and it seems to be the one thing that the Government, with determination, can do. It is within their power. We own the Royal Bank of Scotland, and we are a major shareholder in HBOS. It is within our power to achieve something with those banks; we do not have to argue with them about it. I am sure that they will agree to it. I am not saying that we should go straight for issuing forceful directions. It is best to go with the grain and to get the directors behind us, so that they share in the national effort. Of course it will mean a restraint on dividends, if they are going to lend more than they might think it prudent or right for each individual bank to do, but we need a coherent, cohesive national effort in which everyone takes part and shares the burdens equally. It is therefore right to introduce an increase in the top rate of tax. I would like to think that, at some point, the Opposition will give us a believable package of measures that they would like to introduce. If they do not, they will be abandoning their principal role as an Opposition, which is to put up an alternative policy to that of the Government. For the foreseeable future, however, I do not believe that there is an alternative, and I urge everyone to get together and push ahead with the policies that we have. If we are determined enough, if we demonstrate enough leadership, and if we stick with what we have said and urge restraint on public expenditure as we come out of the recession, I believe that we can succeed.