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Backbench Business — Transatlantic Trade and Investment Partnership

Part of National Insurance (Renaming) – in the House of Commons at 3:16 pm on 25th February 2014.

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Photo of John Spellar John Spellar Shadow Minister (Foreign and Commonwealth Affairs) 3:16 pm, 25th February 2014

The right hon. and learned Gentleman was asked a question regarding the involvement of micro-businesses, but the note from the Library states that the average cost of an arbitration case is $4 million per party, about 82% of which is legal fees. The panel members can claim a daily fee of $3,000 a day plus expenses, and billing rates for arbitration lawyers run up to $1,000 an hour. Only major corporations will therefore be able to participate in this. I am not detracting from the main thrust of his argument, but this really is for major companies, is it not?