New Clause 1 — Impact of changes to the bank levy rate and of the banking companies surcharge

Bill Presented — Devolution (London) Bill – in the House of Commons at 9:15 pm on 8th September 2015.

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‘(1) The Chancellor of the Exchequer shall, within three months of the passing of this Act, undertake a review of the overall impact of the changes made by sections 16 and 17 of, and schedules 2 and 3 to, this Act, on:

(a) the structure of bank balance sheets;

(b) the long-term tax revenue from the banking sector; and

(c) competition and diversity within the banking sector.

(2) The Chancellor of the Exchequer must lay a copy of the review before both Houses of Parliament.’—(Alison McGovern.)

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The Committee divided:

Ayes 228, Noes 302.

Division number 66

See full list of votes (From The Public Whip)

Aye

No

Question accordingly negatived.

The Deputy Speaker resumed the Chair.

Bill (Clauses 16, 17, 43 and 45, and Schedules 2 and 3) reported, without amendment, and ordered to lie on the Table.