New Clause 14 — Report on the additional rate of income tax

Part of Finance Bill – in the House of Commons at 2:45 pm on 1st July 2014.

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Photo of Frank Dobson Frank Dobson Labour, Holborn and St Pancras 2:45 pm, 1st July 2014

No, I will not give way[Interruption.] Well, I have sat here throughout the whole debate and listened to what other people had to say, so I am going to get a little further in.

One thing that is particularly irksome for badly off people in this country is hearing apologists for the City talking about bankers’ compensation packages—compensation apparently for the horrid requirement that they turn up at work. The dictionary definition of compensation is,

“recompense for loss, suffering or injury”.

Those bankers—how they suffer when they are helping people to swindle their tax liabilities; laundering money for gun runners or drug runners; or fiddling money to help people evade sanctions and then having to pay up. We clearly need to ensure that those rich people pay more tax, and the only way to do that is by increasing the rate to at least 50p.