The Exchequer Secretary to the Treasury, David Gauke, opened the debate.
Shadow Treasury Minister, Chris Leslie, responded on behalf of the Opposition
Summary of the Finance (No.2) Bill
The Finance (No.2) Bill is the second finance bill introduced during the 2012-13 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 20 March 2013.
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'.
Progress of the Bill
The Bill was introduced to the House of Commons on 25 March 2013.
Keep up to date with all the proceedings and documentation, amendment papers, on the Finance (No.2) Bill and find out how a bill becomes an Act of Parliament.
House of Commons Library analysis
The House of Commons Library produces briefing papers to inform MPs of key issues. The papers contain factual information and a range of opinions on each subject, and aim to be politically impartial. The Library has published the following briefing papers for the second reading.
What happens at second reading?
At second reading the House debates the whole principle of the bill. It usually takes place no sooner than two weekends after first reading.
The Member in charge or the Minister moves the motion 'that the bill be now read a second time'. MPs then debate the bill.
At the end of the debate the Speaker determines whether there are any objections to the motion being debated and asks for the Ayes and Noes.
Members voice their opinion, and if no objections are made, the bill passes second reading without a vote. If the Speaker believes Members have voiced disagreement, a division is called and a vote taken.
What happens next?
The Finance (No.2) Bill passed second reading, and the Programme Motion was agreed. Parts of the Bill will now be considered in a Committee of the Whole House on Wednesday 17 and Thursday 18 April 2013. Other parts of the Bill will progress to a Public Bill Committee in due course.