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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 7:45 pm on 12th July 2010.

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Photo of Matthew Hancock Matthew Hancock Conservative, West Suffolk 7:45 pm, 12th July 2010

The right hon. Gentleman may have misheard my earlier comment. Can he be surprised about the Chancellor's comments when page 101 of the Red Book states that the bank levy raises £2.5 billion and the corporation tax cut in 2013-14 will cost £700 million? It is therefore no surprise that the bank levy raises more than the cut in corporation tax to the banks. That is precisely the point that I made earlier.

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