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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

The hon. Lady makes her case. We can all, in hindsight, say that regulatory improvements should clearly have been made. The British Government could claim that work should have been done to ensure that that was the case in America, in every country in Europe and all the around the world. It is absolutely true to say that the whole worldwide banking system ought to have been more closely regulated, but that was the first time I have heard a Conservative Member defend the reduction in the corporation tax rate-that is the specific measure that we are discussing. There may be a need to debate the regulatory changes that should apply to the financial services industry-I look forward to those proposals being made-but I still do not understand her argument about anti-competitiveness. It is important to hear why the Government believe that the banks deserve this particular cut.

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