I am not going to give way again, because I have very little time. The Minister can pick the point up again in debate and I am sure he will do so.
It is not sufficient for Government Members simply to point at the increased yield following the rate cut to 45p and deem that their point has been proved. Just as people brought forward their incomes before the rate was introduced, so people held off taking income until the rate was lowered. We know the increase in yield at 45p was due primarily to record bonuses, which were up 80% in the year after the rate was reduced. If the truth is what is sought, then rigorous analysis is what is required. The blunt truth, however, is that the truth is not what is being sought here by the Government. The decision was taken for ideological reasons. There is no other justification. The abolition of the 50p rate was nothing other than a huge tax cut for the very richest, while ordinary families continued to struggle, and struggle for longer.
There is growth in the economy and that is welcome, but it has been a long time coming. It is ordinary families who have ended up paying the price. That is why we have continued to press home the point about the top rate of tax. While ordinary families are paying the price, we have let the very wealthiest in our country
have a huge tax cut. That cannot be right. A top rate of tax at 50p will play an important role towards fair deficit reduction under the next Labour Government. If the Government have absolutely nothing to hide or fear in the facts and figures behind the cut from 50p to 45p, they should accept our amendment to clause 1.