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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 7:30 pm on 12th July 2010.

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Photo of Clive Efford Clive Efford Labour, Eltham 7:30 pm, 12th July 2010

To correct Matthew Hancock, it is just not true to say that the banks are going to pay more. Deutsche Bank has said:

"Taking 2% off the 2012 tax rate for the five banks listed in the UK would increase profit by £1.16bn, that is it should almost offset all of the banks tax. Overall a good outcome for the banks."

Similarly, HSBC said:

"We'd expect most domestically-orientated banks, for example Lloyds, to be better off after four years than they were pre-budget".

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