Finance Bill

That is a very important point, and it embellishes the one that I have made in general terms. Labour Members are concerned that the fight against child poverty, which needs to continue, will take a backward step. As has been mentioned, we also have concerns about the need to protect our senior citizens. The shadow Chief Secretary to the Treasury outlined clearly how our senior citizens are facing real difficulties from the cumulative effect of a number of measures introduced in the Budget, which hit them hard. I am concerned that when the dust settles again and we see the new plans for disability living allowance, a total of £350 million a year could, by the end of this Parliament, be taken off the benefits available for senior citizens. That is a cause of concern to us all. There is also a big question mark over the economic worth of this strategy of raising VAT to 20%. A number of studies have questioned the economic validity of the models that have been introduced and the impact on the economy as a whole, and on the retail sector in particular. I refer specifically to recent research commissioned by Kelkoo, an internet comparison site, and carried out by the Centre for Retail Research, which indicated that as many as 47,000 jobs could be lost and almost 10,000 stores right across the country could be closed.