Does my right hon. Friend accept that the swingeing increase in excise duty on fuel is highly inflationary and very damaging to a vital part of our economy—the hauliers? All goods need to be taken from the point of production to the point of use.

The amount that the Chancellor is giving business by way of reductions in corporation tax may well be more than offset by the increases in the uniform business rate, which takes account not only of inflation and the phasing out of transitional relief, but of the revaluation which has hoisted rates throughout the country.