Finance Bill

I am grateful to the hon. Gentleman, who is being incredibly generous in giving way this afternoon. He will surely accept that, despite internal debates—all parties have them—when our party presented a Budget to this House in March, it reached a conclusion that ruled out an increase in VAT and set out clearly how £19 billion of taxes would be brought in through a different balance of measures. Is the hon. Gentleman seriously saying that he believes that the £8 billion VAT bill that will be paid by pensioners over the course of this Parliament has been fully compensated for in measures set out in the Red Book?