I am afraid we do not have much time, but if there is time at the end I will take an intervention.
Many hon. Members have mentioned the wages crisis in this country, which is of course connected to taxation. We also have a cost of living crisis: people will be £1,600 a year worse off by 2015. We have a youth unemployment crisis, and we are in danger of writing off another generation of young people, as happened in the 1980s when all those wonderful top rate reductions in tax were being made; and we have the lowest rate of house building since the 1920s. All these are priorities that the Government could put to the top of their policy agenda instead of concentrating on a tax cut for the wealthiest.
On the back of all this, we have a Chancellor who has set golden rules for the economic cycle but who has failed on pretty much all of them, while taking £3 billion from the Treasury’s coffers with this tax cut. The UK has lost its triple A rating, and not only will the Government not balance the books by the end of this Parliament, but they will borrow £75 billion this year alone— £190 billion more than planned. They have missed their targets for the deficit and for debt, and they broke every fiscal rule that they set themselves. What is their answer to the conundrum? It is to cut the top rate of income tax for the very richest in the country. Everyone has seen an increase in VAT, which is the most regressive tax; and we have had the granny tax—the list is endless. If politics is about priorities, the Government should come forward with a report, as suggested in new clause 14, and say how much the tax would raise or not raise. We can then decide whether it was the right idea and priority to lower that tax, alongside the long list of this Government’s failures, including social policy failures.
I was interested to hear the intervention from the hon. Member for Carmarthen East and Dinefwr (Jonathan Edwards), who is no longer in his place. He wanted to talk about the 50p tax rate. I am very surprised that our Scottish nationalists have not mentioned it—they refuse to confirm whether or not an independent Scotland would back a 50p tax rate because the answer is no.