Rt Hon Lord Lilley

    Supplementary Oral Question ? Work and Pensions

    Mr. Peter Lilley (Hitchin and Harpenden): What proportion of the ?5 billion a year taken out of pension funds by the worst of all the Government‘s stealth taxes is handed back to pensioners in the benefits that the Minister has been claiming are so generous?

    Mr. McCartney: My right hon. Friend the Chancellor reduced corporation tax and introduced many other measures, including, over some years, reducing taxation on pensioners‘ income. We have a comprehensive strategy on the stability of the economy, of pension funds and of the tax regime, to ensure that employers and employees alike will benefit.

    12 November 2001 c563