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Sale of Student Loans Bill

The hon. Gentleman will correct me if I am wrong, but I understood him to say that he was not overly concerned about offshoring and was not sure what the concerns were. My concerns relate not only to the data protection issues to which the hon. Gentleman referred, but to the potential loss of tax revenue to the United Kingdom. With Mapeley, the outcome is that a load of Treasury buildings are now owned by company in Bermuda that does not pay UK taxes. I am worried that something similar will happen in this case. That would mean a loss of revenue from profits made by a financial institution offshore—by which I mean outside the European Union—that is not getting taxed. We lose.