§ Amendment made: No. 155, in page 222, line 25, column 3, at end insert 'paragraph 16(5);'.—[Mr. Brittan.]
§ Mr. BrittanI beg to move amendment No. 156, in page 223, line 42, leave out 'paragraph 3' and insert 'paragraphs 3 and 4A'.
§ Mr. BrittanThese are drafting amendments designed to bring together all the references to the material to be repealed in schedule 15 to the Finance Act 1980.
§ Amendment agreed to.
§ Amendments made: No. 157, in page 223, leave out line 48.
§
No. 186, in page 224, line 11, at end insert—
'1A. The repeal of paragraph 12(1) and (2) of Schedule 5 to the Finance Act 1975 has effect as from 1st January 1982.'.—[Mr. Brittan.]
§ Mr. BrittanI beg to move, That the Bill be now read the Third time.
I understand that it would be for the convenience of the House if the right hon. Member for Stepney and Poplar (Mr. Shore) were to say a few words on this matter, and I similarly propose to do no more than that.
Four months ago my right hon. Friend the Chancellor of the Exchequer presented his fourth Budget. The Bill represents the enactment of that Budget. The principal purpose of that Budget was to provide a financial framework which would enable British industry to recover, on the basis of the reduction in interest rates.
On Second Reading I mentioned that the banks and building societies had announced their latest reductions in lending rates after the Budget. That was no accident. They wanted to see how the markets would take the Budget, and the markets reacted in the way that we have seen. There have since been further movements in the markets, reflected by a further fall in interest rates. It is by providing a responsible framework that we see reductions in interest rates.
The Bill provides a package of measures designed to help and encourage both new and existing small businesses. I do not propose to set them out in detail. The measures are not designed to provide a major reflationary package, which would lead to the renewal of inflation. They are individually and collectively designed to assist British industry to recover. It is in that spirit that I commend the Bill to the House.
§ Mr. ShoreOn the occasion, keenly awaited, of the Third Reading of this important Bill,, we have come not to praise the Bill but to bury it. We voted against the 1004 Second Reading of what we consider to be an ugly Bill because of the gross inequalities reflected in its pages. Earlier today we drew attention to the appallingly bad treatment of unemployed people and their benefits and the great generosity accorded to those who pay capital gains and capital transfer tax.
The ugliness of the Bill is reflected in the fact that it is part of an economic strategy to keep 3 million of our fellow citizens unemployed. We are anxious to dispose of the Bill. We tried to improve it in Committee, and I pay tribute to the efforts of my Treasury team and the members of the Committee who assisted. We have reached the Third Reading. The Bill has not been improved. I invite my friends to vote against it.
§ Question put, That the Bill be now read the Third time:—
§ The House divided: Ayes 274, Noes 183.
1007| Division No. 274] | [1.37 am |
| AYES | |
| Aitken, Jonathan | Crouch, David |
| Alison, Rt Hon Michael | Dorrell, Stephen |
| Ancram, Michael | Douglas-Hamilton, Lord J. |
| Arnold, Tom | Dover, Denshore |
| Aspinwall, Jack | du Cann, Rt Hon Edward |
| Atkins, Robert (Preston N) | Dunn, Robert (Dartford) |
| Atkinson, David (B'm'th,E) | Durant, Tony |
| Baker, Nicholas (N Dorset) | Eden, Rt Hon Sir John |
| Banks, Robert | Eggar, Tim |
| Beaumont-Dark, Anthony | Elliott, Sir William |
| Bendall, Vivian | Eyre, Reginald |
| Bennett, Sir Frederic (T'bay) | Fairbairn, Nicholas |
| Benyon, Thomas (A'don) | Fairgrieve, Sir Russell |
| Benyon, W. (Buckingham) | Faith, Mrs Sheila |
| Best, Keith | Farr, John |
| Bevan, David Gilroy | Fell, Sir Anthony |
| Biffen, Rt Hon John | Fenner, Mrs Peggy |
| Biggs-Davison, Sir John | Finsberg, Geoffrey |
| Blackburn, John | Fisher, Sir Nigel |
| Blaker, Peter | Fletcher, A. (Ed'nb'gh N) |
| Body, Richard | Fletcher-Cooke, Sir Charles |
| Bonsor, Sir Nicholas | Fookes, Miss Janet |
| Boscawen, Hon Robert | Forman, Nigel |
| Bottomley, Peter (W'wich W) | Fowler, Rt Hon Norman |
| Bowden, Andrew | Fox, Marcus |
| Boyson, Dr Rhodes | Fraser, Peter (South Angus) |
| Braine, Sir Bernard | Gardner, Edward (S Fylde) |
| Bright, Graham | Garel-Jones, Tristan |
| Brinton, Tim | Glyn, Dr Alan |
| Brittan, Rt. Hon. Leon | Goodhart, Sir Philip |
| Brooke, Hon Peter | Goodhew, Sir Victor |
| Brotherton, Michael | Goodlad, Alastair |
| Brown, Michael(Brigg & Sc'n) | Gorst, John |
| Bruce-Gardyne, John | Gow, Ian |
| Bryan, Sir Paul | Grant, Anthony (Harrow C) |
| Buchanan-Smith, Rt. Hon. A. | Gray, Hamish |
| Buck, Antony | Greenway, Harry |
| Budgen, Nick | Griffiths, E.(B'y St. Edm'ds) |
| Bulmer, Esmond | Griffiths, Peter Portsm'th N) |
| Burden, Sir Frederick | Grylls, Michael |
| Butcher, John | Gummer, John Selwyn |
| Cadbury, Jocelyn | Hamilton, Hon A. |
| Carlisle, John (Luton West) | Hamilton, Michael (Salisbury) |
| Carlisle, Kenneth (Lincoln) | Hampson, Dr Keith |
| Carlisle, Rt Hon M. (R'c'n) | Hannam, John |
| Chalker, Mrs. Lynda | Haselhurst, Alan |
| Channon, Rt. Hon. Paul | Hastings, Stephen |
| Chapman, Sydney | Havers, Rt Hon Sir Michael |
| Churchill, W. S. | Hawkins, Sir Paul |
| Clark, Hon A. (Plym'th, S'n) | Hayhoe, Barney |
| Clark, Sir W. (Croydon S) | Heddle, John |
| Clarke, Kenneth (Rushcliffe) | Henderson, Barry |
| Colvin, Michael | Heseltine, Rt Hon Michael |
| Cope, John | Hicks, Robert |
| Corrie, John | Higgins, Rt Hon Terence L. |
| Costain, Sir Albert | Hill, James |
| Cranborne, Viscount | Hogg, Hon Douglas (Gr'th'm) |
| Holland, Philip (Carlton) | Porter, Barry |
| Hooson, Tom | Price, Sir David (Eastleigh) |
| Hordern, Peter | Prior, Rt Hon James |
| Howe, Rt Hon Sir Geoffrey | Proctor, K. Harvey |
| Howell, Ralph (N Norfolk) | Raison, Rt Hon Timothy |
| Hunt, David (Wirral) | Rathbone, Tim |
| Hunt, John (Ravensbourne) | Rees, Peter (Dover and Deal) |
| Irvine, Bryant Godman | Rees-Davies, W. R. |
| Jessel, Toby | Renton, Tim |
| Johnson Smith, Sir Geoffrey | Rhodes James, Robert |
| Jopling, Rt Hon Michael | Rhys Williams, Sir Brandon |
| Joseph, Rt Hon Sir Keith | Ridley, Hon Nicholas |
| Kellett-Bowman, Mrs Elaine | Ridsdale, Sir Julian |
| Kershaw, Sir Anthony | Rifkind, Malcolm |
| Kimball, Sir Marcus | Rippon, Rt Hon Geoffrey |
| King, Rt Hon Tom | Roberts, M. (Cardiff NW) |
| Knight, Mrs Jill | Roberts, Wyn (Conway) |
| Knox, David | Rossi, Hugh |
| Lang, Ian | Rost, Peter |
| Lawrence, Ivan | Rumbold, Mrs A. C. R. |
| Lee, John | Sainsbury, Hon Timothy |
| Lennox-Boyd, Hon Mark | St. John-Stevas, Rt Hon N. |
| Lester, Jim (Beeston) | Scott, Nicholas |
| Lewis, Kenneth (Rutland) | Shaw, Giles (Pudsey) |
| Lloyd, Peter (Fareham) | Shelton, William (Streatham) |
| Loveridge, John | Shepherd, Colin (Hereford) |
| Luce, Richard | Shepherd, Richard |
| Lyell, Nicholas | Shersby, Michael |
| Macfarlane, Neil | Silvester, Fred |
| MacGregor, John | Sims, Roger |
| MacKay, John (Argyll) | Skeet, T. H. H. |
| Macmillan, Rt Hon M. | Smith, Dudley |
| McNair-Wilson, M. (N'bury) | Smith, Tim (Beaconsfield) |
| McNair-Wilson, P. (New F'st) | Speed, Keith |
| Madel, David | Speller, Tony |
| Major, John | Spicer, Jim (West Dorset) |
| Marland, Paul | Spicer, Michael (S Worcs) |
| Marten, Rt Hon Neil | Sproat, Iain |
| Maude, Rt Hon Sir Angus | Squire, Robin |
| Mawby, Ray | Stainton, Keith |
| Mawhinney, Dr Brian | Stanbrook, Ivor |
| Maxwell-Hyslop, Robin | Stanley, John |
| Mayhew, Patrick | Steen, Anthony |
| Mellor, David | Stevens, Martin |
| Meyer, Sir Anthony | Stewart, A. (E Renfrewshire) |
| Miller, Hal (B'grove) | Stewart, Ian (Hitchin) |
| Mills, Iain (Meriden) | Stokes, John |
| Mills, Sir Peter (West Devon) | Stradling Thomas, J. |
| Miscampbell, Norman | Tapsell, Peter |
| Mitchell, David (Basingstoke) | Taylor, Teddy (S'end E) |
| Moate, Roger | Temple-Morris, Peter |
| Monro, Sir Hector | Thomas, Rt Hon Peter |
| Montgomery, Fergus | Thompson, Donald |
| Moore, John | Thorne, Neil (Ilford South) |
| Morris, M. (N'hampton S) | Thornton, Malcolm |
| Morrison, Hon C. (Devizes) | Townend, John (Bridlington) |
| Morrison, Hon P. (Chester) | Townsend, Cyril D, (B'heath) |
| Mudd, David | Trippier, David |
| Murphy, Christopher | Trotter, Neville |
| Myles, David | van Straubenzee, Sir W. |
| Neale, Gerrard | Viggers, Peter |
| Needham, Richard | Waddington, David |
| Nelson, Anthony | Wakeham, John |
| Neubert, Michael | Waldegrave, Hon William |
| Newton, Tony | Walker, B. (Perth) |
| Normanton, Tom | Waller, Gary |
| Onslow, Cranley | Walters, Dennis |
| Oppenheim, Rt Hon Mrs S. | Ward, John |
| Osborn, John | Watson, John |
| Page, John (Harrow, West) | Wells, Bowen |
| Page, Richard (SW Herts) | Wells, John (Maidstone) |
| Parkinson, Rt Hon Cecil | Wheeler, John |
| Parris, Matthew | Whitney, Raymond |
| Patten, John (Oxford) | Wickenden, Keith |
| Pattie, Geoffrey | Wiggin, Jerry |
| Pawsey, James | Wilkinson, John |
| Percival, Sir Ian | Williams, D.(Montgomery) |
| Pink, R. Bonner | Winterton, Nicholas |
| Pollock, Alexander | Wolfson, Mark |
| Young, Sir George (Acton) | Tellers for the Ayes: |
| Younger, Rt Hon George | Mr. Anthony Berry and |
| Mr. Carol Mather. | |
| NOES | |
| Adams, Allen | Harrison, Rt Hon Walter |
| Allaun, Frank | Hart, Rt Hon Dame Judith |
| Anderson, Donald | Hattersley, Rt Hon Roy |
| Archer, Rt Hon Peter | Haynes, Frank |
| Ashley, Rt Hon Jack | Hogg, N. (E Dunb't'nshire) |
| Ashton, Joe | Holland, S. (L'b'th, Vauxh'll) |
| Atkinson, N. (H'gey,) | Homewood, William |
| Bagier, Gordon A. T. | Hooley, Frank |
| Barnett, Guy (Greenwich) | Howell, Rt Hon D. |
| Barnett, Rt Hon Joel (H'wd) | Hoyle, Douglas |
| Benn, Rt Hon Tony | Huckfield, Les |
| Booth, Rt Hon Albert | Hughes, Mark (Durham) |
| Boothroyd, Miss Betty | Hughes, Robert (Aberdeen N) |
| Bray, Dr Jeremy | Janner, Hon Greville |
| Brown, Hugh D. (Provan) | John, Brynmor |
| Brown, Ron (E'burgh, Leith) | Jones, Rt Hon Alec (Rh'dda) |
| Buchan, Norman | Jones, Barry (East Flint) |
| Callaghan, Jim (Midd't'n & P) | Kaufman, Rt Hon Gerald |
| Campbell, Ian | Kerr, Russell |
| Campbell-Savours, Dale | Kilroy-Silk, Robert |
| Canavan, Dennis | Lamond, James |
| Cant, R. B. | Leadbitter, Ted |
| Carmichael, Neil | Leighton, Ronald |
| Carter-Jones, Lewis | Lewis, Ron (Carlisle) |
| Clark, Dr David (S Shields) | Litherland, Robert |
| Clarke, Thomas C'b'dge, | Lofthouse, Geoffrey |
| A'drie | McCartney, Hugh |
| Cocks, Rt Hon M. (B'stol S) | McDonald, Dr Oonagh |
| Cohen, Stanley | McElhone, Frank |
| Coleman, Donald | McGuire, Michael (Ince) |
| Concannon, Rt Hon J. D. | McKay, Allen (Penistone) |
| Cook, Robin F. | McKelvey, William |
| Cowans, Harry | MacKenzie, Rt Hon Gregor |
| Craigen, J. M. (G'gow, M'hill) | McNamara, Kevin |
| Cryer, Bob | McTaggart, Robert |
| Cunliffe, Lawrence | McWilliam, John |
| Cunningham, Dr J. (W'h'n) | Marks, Kenneth |
| Davidson, Arthur | Marshall, D (G'gow S'ton) |
| Davies, Rt Hon Denzil (L'lli) | Marshall, Dr Edmund (Goole) |
| Davis, Clinton (Hackney C) | Marshall, Jim (Leicester S) |
| Davis, Terry (B'ham, Stechf'd) | Martin, M (G'gow S'burn) |
| Deakins, Eric | Maxton, John |
| Dean, Joseph (Leeds West) | Maynard, Miss Joan |
| Dewar, Donald | Meacher, Michael |
| Dixon, Donald | Millan, Rt Hon Bruce |
| Dobson, Frank | Miller, Dr M. S. (E Kilbride) |
| Dormand, Jack | Mitchell, Austin (Grimsby) |
| Douglas, Dick | Morris, Rt Hon A. (W'shawe) |
| Dubs, Alfred | Morris, Rt Hon C. (O'shaw) |
| Duffy, A. E. P. | Moyle, Rt Hon Roland |
| Dunnett, Jack | Newens, Stanley |
| Dunwoody, Hon Mrs G. | O'Neill, Martin |
| Eadie, Alex | Palmer, Arthur |
| Eastham, Ken | Park, George |
| Ellis, R. (NE D'bysh're) | Parry, Robert |
| English, Michael | Pavitt, Laurie |
| Ennals, Rt Hon David | Pendry, Tom |
| Evans, Ioan (Aberdare) | Powell, Raymond (Ogmore) |
| Evans, John (Newton) | Prescott, John |
| Ewing, Harry | Price, C. (Lewisham W) |
| Faulds, Andrew | Race, Reg |
| Field, Frank | Radice, Giles |
| Flannery, Martin | Rees, Rt Hon M (Leeds S) |
| Fletcher, Ted (Darlington) | Richardson, Jo |
| Ford, Ben | Roberts, Ernest (Hackney N) |
| Forrester, John | Roberts, Gwilym (Cannock) |
| Foulkes, George | Robertson, George |
| Fraser, J. (Lamb'th, N'w'd) | Robinson, G. (Coventry NW) |
| Freeson, Rt Hon Reginald | Rooker, J. W. |
| Garrett, John (Norwich S) | Ross, Ernest (Dundee West) |
| Garrett, W. E. (Wallsend) | Rowlands, Ted |
| Graham, Ted | Sever, John |
| Hamilton, James (Bothwell) | Sheerman, Barry |
| Hamilton, W. W. (C'tral Fife) | Sheldon, Rt Hon R. |
| Hardy, Peter | Shore, Rt Hon Peter |
| Short, Mrs Renée | Walker, Rt Hon H. (D'caster) |
| Silkin, Rt Hon J. (Deptford) | Welsh, Michael |
| Silverman, Julius | White, Frank R. |
| Skinner, Dennis | White, J. (G'gow Pollok) |
| Soley, Clive | Whitehead, Phillip |
| Spearing, Nigel | Whitlock, William |
| Spriggs, Leslie | Williams, Rt Hon A. (S'sea W) |
| Stoddart, David | Wilson, Gordon (Dundee E) |
| Stott, Roger | Wilson, William (C'try SE) |
| Strang, Gavin | Winnick, David |
| Straw, Jack | Woodall, Alec |
| Summerskill, Hon Dr Shirley | Woolmer, Kenneth |
| Thorne, Stan (Preston South) | Wrigglesworth, Ian |
| Tilley, John | Wright, Sheila |
| Tinn, James | Young, David (Bolton E) |
| Torney, Tom | |
| Urwin, Rt Hon Tom | Tellers for the Noes: |
| Varley, Rt Hon Eric G. | Mr. Derek Foster and |
| Wainwright, E. (Dearne V) | Mr. George Morton |
§ Question accordingly agreed to.
§ Bill read the Third time, and passed.