Budget Resolutions and Economic Situation

My hon. Friend has made a telling point. The Treasury advises the Chancellor to do certain things. Perhaps, just as a direction is given to a permanent secretary if someone wants to go beyond the departmental remit, the Chancellor of the day should be required at least to put on public record why he disagrees with advice which would seem to be profound commonsense: the advice that when the economy is expanding and there is no need to increase public expenditure, we should pay down debt. We always know that the rainy day will come, and that we will need the money then. We will continue, in the debate on the Budget and on the doorsteps in the campaign to come, to focus on taxes. Nobody ever likes to talk about tax increases. In fact, people do not like to talk about taxes at all unless they are decreasing taxes. Unsurprisingly therefore, one thing that has been missing in this country is a fundamental debate on tax—on what we should tax, and how we should tax it. My philosophy is that we should always have a tax system that is broadly based and that works on low marginal rates, and that we should be careful about defining areas that should never be taxed. Chancellors tend to think that they can get away with increasing taxes in areas that are not politically sensitive, such as stamp duty and air passenger duty, and as a result those whipping boys of the tax system get whipped very hard, whereas other areas are left alone. This is not the time or place to have a detailed debate on tax, but a debate on tax we should surely have, because we are now in the 21st century and the world, including how we conduct our financial affairs, has changed since we last took a proper look at tax, which was back in the early 20th century with the development of income and consumption taxes. I hope that whoever sits on the Treasury Bench in the future will address such matters. My time is up. Some may cheer and say, "He's talked for too long," but as this is the final opportunity I shall have to address the House—certainly on a Budget, and also, I think, on any other subject—I would like to conclude, with the indulgence of Members, by saying a few final words. First, it has been a great honour and privilege to represent the many interests of my Fylde constituents in this House over the past 23 years. Also, to have sat on the Benches on both sides of the House was a remarkable privilege, and an experience that very few Members have. We probably only appreciate how special our experiences have been when we leave this place. It has also been a privilege and honour, and a pleasure, to have chaired one of the House's Select Committee for the past two Parliaments; I shall never forget that. I would also like to place on record my appreciation to everybody in the House of Commons who makes this place work, including the army of officials behind the scenes on Select Committees and in Government. None of us can exist without all that assistance. I thank, too, my family, and in particular my wife; I could not have done this job without her backing. Above all, I thank the many friends and colleagues that I have had on both sides of the House. If there is one thing I am going to miss, it is the camaraderie of colleagues. To those who are coming back after the election, I send my very best wishes for the future. To those, like me, who are retiring, I send my best wishes for their retirement.