I shall be brief given the time constraints that we are under. Our corporation tax rate—at 30 per cent.—is lower than in any other major European country. The hon. Gentleman implicitly stated, and I shall make it explicit, that this Government reduced the rate to 30 per cent. from the higher rate that it had been under the previous Government. In addition, in the Budget of 2002, we cut the starting rate of corporation tax from 10 per cent. to zero, and the lower rate for small companies from 20 per cent. to 19 per cent. I have no doubt at all that that is one of the reasons that the World Bank in September last year ranked the UK first in Europe and seventh of the top 20 countries to conduct business in and why the Organisation for Economic Co-operation and Development last year put the UK's economic and administrative regulations among the lowest in the OECD.

It is important that we continue to maintain a competitive and attractive tax environment in the UK for businesses. The fact that we have such an attractive environment is the reason that we continue to be the most attractive destination in Europe for inward investment. We are determined that that should continue.

Question put and agreed to.

Clause 10 ordered to stand part of the Bill.

Clauses 11 and 12 ordered to stand part of the Bill.