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Capital Gains Tax (Rates)

Part of the debate – in the House of Commons at 12:36 pm on 23rd June 2010.

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Photo of Alistair Darling Alistair Darling Shadow Chancellor of the Exchequer 12:36 pm, 23rd June 2010

The hon. Gentleman raises an interesting point. He is right that the right hon. Gentleman called for nationalisation at an early stage. The Chancellor, however, was dead against that. I imagine that if that situation arose now, the Chancellor's view would prevail and the Business Secretary would have to do what he is told. The hon. Gentleman is absolutely right that at the time I agreed with a lot of what the Business Secretary was saying. For reasons that I will not go into just now because of the various legal requirements and other considerations, we did not nationalise Northern Rock until February 2008, but we were absolutely right to do so then. The Chancellor still thinks that we were wrong, but I am glad to say that the current Secretary of State for Justice believes that our action was right. The action we took, whether in relation to Northern Rock, the rest of the banking system or the rest of the economy, was critical.

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