The hon. Lady and many others on the Government Benches have referred to the cut in corporation tax and the low and competitive rate of corporation tax in this country as an aid to economic development. I appreciate that we need to maintain competitiveness on corporation tax, but I put it to her that all that has happened in the past eight or nine years is that British companies have used
that tax cut to build up something in the region of £550 billion of cash reserves that they are not investing. The weakness in the Budget yesterday is that it did nothing to encourage those companies to invest and raise productivity.