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Finance Bill

I would like to make a little progress and then I will give way. It is doubly ironic that the banking analysts now suggest that the cuts in capital gains tax could cancel out the bank levy, leaving some banks better off. HSBC has said:""On our estimates, the corporation tax cut should neatly offset the levy over time. Put another way, net net the Treasury appears to have cut corporation taxes for UK industry, but not for the banks. Moreover, hedge funds and other financial institutions will not be even covered by the banking levy so they can go about their business as they did before paying no more tax under this Government."" My constituents in Leeds West have average incomes of £16,000 a year. They did not cause the recession; they do not have savings to draw on.