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

The hon. Gentleman makes an interesting point, but there are two problems with his argument. First, the tax would fall not on the greedy employees and bankers whom he wants to whip, but on the bank. Secondly, during his Government’s period of office—he will correct me if I am wrong—Fred Goodwin received some £15 million in bonuses, which he paid tax on at the old tax rate. The hon. Gentleman is therefore seeking to close the door after the horse has bolted.