New Clause 13 — Bank bonus tax

Part of “Group 12 — Caravans – in the House of Commons at 8:15 pm on 3rd July 2012.

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Photo of Charlie Elphicke Charlie Elphicke Conservative, Dover 8:15 pm, 3rd July 2012

I am extremely grateful to have the opportunity to speak in this debate.

It is important to distinguish between the policies of the previous Government and those of the current Government. The bank bonus tax and the bank levy have a different ethos or philosophy. The original bonus tax—Members will correct me if I am wrong—was intended to be a one-off measure. In the March 2010 Budget, the Labour Government confirmed that the tax would not be extended, even though the gross yield proved to be higher than had been forecast.