Capital Gains Tax (Rates)

The hon. Gentleman's views are much respected, but may I say that I was always clear on this point? We did not want a VAT increase, although we had it under the last Government when it went up and then came down again. We were hoping that it would not happen, but certainly I said—as did all my colleagues, as far as I know—that it could never be ruled out. For many of us, the current position is that it may be one of the least worst options.