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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

My hon. Friend is right. Before the general election, there was a lot of tough talk and rhetoric from both Conservatives and Liberal Democrats. Indeed, The Sun-a journal of great repute-said on 20 March that the then Leader of the Opposition

"singled out the banking industry as one example of 'vested interests' he is determined to confront and who he accuses Prime Minister Gordon Brown of failing to stand up to. 'We had the biggest bank bail-out in the world. We can't just carry on as if nothing happened'".

I am afraid we may well be carrying on as if nothing had happened, especially if the banking levy is offset by this giveaway in corporation tax.

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