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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 6:45 pm on 12th July 2010.

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Photo of Chris Leslie Chris Leslie Labour, Nottingham East 6:45 pm, 12th July 2010

I just wanted to place the hon. Lady's comments in their particular context.

It is certainly true that the general public have a distaste for the excessive bonuses and remuneration of those in the banking industry, but such remuneration would not be possible were it not for the high profit rates that the banks were able to post and report on so many occasions. We are indeed all shareholders in many ways-either directly, or indirectly through our pension funds or as taxpayers-and Members on both sides of the House will hope that, over time, the banks will be returned to some level of normalcy. However, necessarily, they must not, as institutions, evade-or avoid; I want to use the correct parlance-paying their fair share.

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