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Capital Gains Tax (Rates)

Part of the debate – in the House of Commons at 1:14 pm on 23rd June 2010.

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Photo of Vincent Cable Vincent Cable The Secretary of State for Business, Innovation and Skills 1:14 pm, 23rd June 2010

That was a very strange intervention. It may reflect the fact that the hon. Gentleman-whom I respect a great deal-has rejoined the House following the election, and may not be familiar with the arguments that led up to it. He will know, however, that the last Government were going to phase out their bonus tax. We have reintroduced a stable system of taxation on banks, the incidence of which will increase over time. Of course, many things need to happen to the banking system. We will discuss, as colleagues, how we should deal with such matters as bank lending, on which there is an outrageous record of bank dysfunctionality.

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