HC Deb 13 July 1982 vol 27 cc1003-7

Amendment made: No. 155, in page 222, line 25, column 3, at end insert 'paragraph 16(5);'.—[Mr. Brittan.]

Mr. Brittan

I beg to move amendment No. 156, in page 223, line 42, leave out 'paragraph 3' and insert 'paragraphs 3 and 4A'.

Mr. Deputy Speaker

With this we may take Government amendment No. 157.

Mr. Brittan

These are drafting amendments designed to bring together all the references to the material to be repealed in schedule 15 to the Finance Act 1980.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. Brittan

I 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.

1.35 pm
Mr. Shore

On 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 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.

Division No. 274] [1.37 am
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.
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.