Finance Bill

Part of Bill Presented — Constitutional Convention (No. 2) Bill – in the House of Commons at 1:20 pm on 21st July 2015.

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Photo of Mark Durkan Mark Durkan Social Democratic and Labour Party, Foyle 1:20 pm, 21st July 2015

The Financial Secretary seems to imply that the banking levy, which was developed at the start of the previous Parliament, was essentially an ephemeral need that has now been taken care of by subsequent regulation. Banks have been able to cope with the fact that they have, essentially, a too big to fail subsidy—the VAT exemption. They have been able, with the levy, to absorb record-breaking fines for their own misbehaviour. Now he is saying that that is all to the good and that we do not need that same system of taking from the banks. Surely we do, though. They need to make a contribution to the public purse.