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Clause 1 — Main rate of corporation tax for financial year 2011

Part of Finance Bill – in the House of Commons at 6:15 pm on 12th July 2010.

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Photo of Ian Lucas Ian Lucas Shadow Minister (Business and Regulatory Reform) 6:15 pm, 12th July 2010

Is my hon. Friend as confused as I am by the Government's trumpeted aim of rebalancing the economy, while at the same time they introduce a corporation tax cut such as this, which favours companies across the board-from retail to banking-but not manufacturing? In fact, the capital allowances scheme actually penalises manufacturing companies. Does not the generality of the Government's approach contradict their own headlines?

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