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Stephen Timms (Chief Secretary, HM Treasury; East Ham, Labour)

The hon. Gentleman confirms that that is his view, in which case I would be very interested to know what implications he draws from that. However, I do not think that he is on to anything fruitful with that line of argument.

I am grateful that the Committee has welcomedthe fact that the nil rate threshold will be increased ata rate above inflation. I commend the clause to the Committee.

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