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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

Yes I do, and at the outset of my comments, I quoted a series of highly professional and well-respected analysts from across the City of London. They were saying that this was a "good outcome", that there would be "a feeling of glee" about the Budget measures, and that they expected

"most domestically-orientated banks...to be better off after four years".

It is important to remember that the £2.5 billion supposedly gained from the banking levy is obtained only as it progresses to years four or five. At the outset, it generates an exceptionally small amount of revenue-I believe the figure is less than £1 billion.

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