Proposed Public Expenditure Cuts

Part of Oral Answers to Questions — Defence – in the House of Commons at 3:33 pm on 13th September 2010.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 3:33 pm, 13th September 2010

Over the past 13 years, Labour allowed the banking system to become completely unregulated and presided over the biggest banking crisis of our lifetime. At the time of the general election, I remember arguing in the television debates for a bank levy to be introduced in this country even if other countries did not introduce it. The then Chancellor opposed me on that. We have now introduced the levy, and I see that it has been universally accepted by the people who opposed it just a few months ago. The receipts from the levy massively outweigh any gain that comes from the lower corporation tax, and that was taken into account when I set the level of the bank levy at £2.5 billion.

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