Brooks Newmark backs the Government’s Finance Bill and welcomes the raising of the personal allowance to £10,500 which will take 3.2 million people out of tax altogether and help 26 million families with an extra £800 per year.
Mr Newmark: It is worth reminding the House that the Labour party abolished the 10p rate and that this Government abolished a 10% rate on savings. We will not take lectures from the hon. Lady. Furthermore, as a result of the raising of the personal allowance to £10,500, 3.2 million people have now been taken out of taxation altogether. That is helping the less well-off.
Mr Newmark: Does my hon. Friend agree that raising the personal allowance to £10,500 will take 3.2 million people out of tax altogether and help 26 million families with an extra £800 per annum?
Mr Gauke: My hon. Friend is absolutely right. If the Labour party succeeds tonight, those 26 million people will pay £124 more in income tax next year.