Clause 200 — Bank Levy: rates from January 2013

Part of [1st Allocated Day] – in the House of Commons at 5:30 pm on 17th April 2013.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 5:30 pm, 17th April 2013

Perhaps the hon. Gentleman will have a chapter in the pamphlet that Stephen Williams is writing; we would all be interested to read it. [Interruption.] From a sedentary position, I am offered a signed copy of that pamphlet. We are all interested in political memorabilia, and it would certainly be an historic document.

We wanted to retain the 50p top rate of income tax for this year. It should not have been cut, and we think that doing so is unfair. I know—well, I think I know—that in their heart of hearts, the Liberal Democrats do not really agree with the cut, which will of course apply to those earning £150,000 or more. We have to recognise the special responsibility that banks and banking executives have to wider society, given the massive cost to the taxpayer of the banking crisis and the resulting deficit, the consequences of which many of our constituents are still suffering. We still have not got justice for what happened in 2008, which is one reason why we think it important to take this step now.