Sir Mike Penning raises, directly with the Chancellor of the Exchequer, the problems caused by loan charge retrospective taxation and calls on the Government to put a stop to it.
The Chancellor will know that one of the Government’s fiscal policies that is fundamentally wrong is the loan charge retrospective taxes on our constituents. Whether it is one death, no deaths or seven deaths, families are being destroyed because of the retrospective charge. Surely we should put a stop to it now.
Order. The matter in hand is the effect of fiscal policies on living standards.
Well, it is fiscal policy, Mr Speaker, in the interests of my right hon. Friend, and he is right to raise the matter. He will have heard the Financial Secretary to the Treasury, in answer to the previous question, point to the independent inquiry that is taking place, led by a gentleman who has considerable respect. We will await the outcome of that inquiry.