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Finance Bill

I am pleased that the hon. Gentleman has been talking to the Engineering Employers Federation, although he should have talked to it a bit earlier and perhaps avoided the warranted criticism that his proposals have received. At 28 per cent., the UK's corporation tax rate is at its lowest level ever. As the hon. Gentleman recognised, it remains the lowest in the G7. In our view it is important that we should retain the competitive position that that relatively low rate of corporation tax gives us. I welcome the fact that the Opposition are supporting—or not opposing—clause 2, and I commend it to the Committee. Question put and agreed to. Clause 2 ordered to stand part of the Bill. Clauses 3 to 5 ordered to stand part of the Bill.