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Banking: Bad Debts

Volume 704: debated on Wednesday 8 October 2008

asked Her Majesty's Government:

What is the current estimate of loss of tax revenue created by the provision, or the writing off, of bad debts announced by banks and other financial institutions this year. [HL5403]

The latest corporation tax forecasts were provided in Budget 2008. Updated forecasts incorporating the latest developments in the financial services sector will be provided in the forthcoming 2008 Pre-Budget Report.