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(Except clauses 7, 8, 9, 11, 14, 16, 20 and 92) - Clause 56

Part of Finance Bill – in a Public Bill Committee at 11:30 am on 16th June 2009.

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Photo of Kitty Ussher Kitty Ussher Parliamentary Secretary, HM Treasury 11:30 am, 16th June 2009

May I start, Mr. Atkinson, by saying what an honour it is to serve under your chairmanship? I think that I am serving under you for the first time and I welcome you to the Chair.

It is a pleasure to debate with the hon. Member for Hammersmith and Fulham. I thank him for his kind words. Indeed, as he said, I recall that we had a lengthy debate during the deliberations on the Finance Bill last year. My memory is that it was about sovereign debt issuance and he gave an extremely interesting and, I am sure, historically correct account of various currency crises and sovereign debt issuances by various countries, including the UK. I also seem to remember that my contribution to that debate was principally to point out—rather continually—that although that account was very interesting, it was perhaps not entirely relevant to the specific point on the issuance of Islamic bonds that we were discussing at that time. I feel a strange sense of dĂ(c)jĂ vu now, one year on.