Clause 3 — Rate of value added tax

Part of Bill Presented — Shared Parenting Orders Bill – in the House of Commons at 6:45 pm on 13 July 2010.

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Photo of Rachel Reeves Rachel Reeves Labour, Leeds West 6:45, 13 July 2010

There is more than one type of interest rate. The hon. Gentleman is correct that the overnight rate has stayed at 0.5% for some time now, but I think that my right hon. Friend Mr Byrne is referring to the long-term interest rates, which were falling for at least a month before the election.