Part of the debate – in the House of Lords at 3:04 pm on 1 February 2011.
My Lords, indeed those numbers for the marginal rates of tax are correct. And that is not the only tax we extract from the banks-far from it. This Government have put in place a bank levy which will, when it comes into full force, raise an additional £2.5 billion out of the banking sector; a larger amount of money than was taken from the banks in the previous Government's bonus tax.