Mr. John Redwood (Wokingham) (Con): Is my hon. Friend aware that in their latest proposals the Government talk about a £20,000 tax on prudent pensioners—if they still have a pension left. That will be a £10 billion-plus a year tax on the very people who have saved to look after their future. Is that not a disgrace, and does it not sum up the Labour approach to poverty in old age? They want more people to be poor, because they want to tax them more.

Mr. Waterson: I am grateful to my right hon. Friend, who makes a powerful point. The people who should always beware of the Government’s Green Papers and White Papers are, of course, those who have taken the precaution of saving for their old age.