Shadow Chief Secretary to the Treasury, Rachel Reeves, responded on behalf of the Opposition. The Bill passed with a division (Ayes 319; Noes 245).
The Bill will now be considered on the floor of the House of Commons in Committee of the whole House on Wednesday 18 and Thursday 19 April. The Bill will then be further considered in a Public Bill Committee.
A Carry Over motion was agree to after a division (Ayes 319; Noes 241) which will allow the Bill to carry over into the 2012-13 session of Parliament.
Watch and read the second reading debate and the views expressed by MPs on Parliament TV and in Commons Hansard.
Finance (No.4) Bill
The Finance (No.4) Bill is the fourth finance bill introduced during the 2010-12 session of Parliament. The Bill will enact many of the measures announced in the Budget which was presented by the Chancellor of the Exchequer, George Osborne, on 21 March 2012.
The formal description of the Finance Bill is 'a Bill to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance'.
Guidance for submitting written evidence
Do you have relevant expertise and experience or a special interest in the Government's Finance Bill? If so, you can submit your views in writing to the House of Commons Public Bill Committee which is going to consider this Bill.
Keep up to date with all the proceedings and documentation on the Finance (No.4) Bill and find out how a bill becomes an Act of Parliament
House of Commons Library analysis
The House of Commons Library produce briefing papers to inform MPs of key issues. The Library published a briefing paper on the 2012 Budget.
Chancellor of the Exchequer, George Osborne, made his Budget statement to the House of Commons on Wednesday 21 March 2012. The House of Commons debated the Budget on 22, 23 and 26 March.
Second reading is the first opportunity for MPs to debate the main principles of the Bill. It usually takes place no sooner than two weekends after first reading.
What happens at second reading?
The Government minister, spokesperson or MP responsible for the Bill opens the second reading debate. The Official Opposition spokesperson responds with their views on the Bill.
The debate continues with other Opposition parties and backbench MPs giving their opinions. At the end of the debate, the Commons decides whether the Bill should be given its second reading by voting, meaning it can proceed to the next stage.
What happens after second reading?
The Bill proceeds to committee stage and will be considered in a Public Bill Committee and/or Committee of the whole House (in the Commons Chamber). Each clause (part) and any amendments (proposals for change) to the Bill may be debated.