The Government are committed to creating the most competitive corporation tax regime in the G20 to support investment that drives economic growth. We want a system that is stable and fair with all companies abiding by the rules and making their contribution. We are cutting the rate to 20% by 2015, clamping down on avoidance and aggressive tax planning and driving forward multilateral efforts to modernise the international tax framework.
Will my hon. Friend join me in celebrating the water industry, a flagship industry since its privatisation over 20 years ago? Will he explain to the House the benefit to consumers of deferring corporation tax against current foreign investment received?