Equality — Question

Part of the debate – in the House of Lords at 2:44 pm on 8 February 2011.

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Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury 2:44, 8 February 2011

My Lords, the Government take extremely seriously the question of fairness, which is why we introduced for the first time a distributional analysis to show the effects of not only our Budget but also our spending review decisions. In the measures that we have announced so far, in what is a very difficult fiscal situation, there is a fairness premium of £7.2 billion. The Government are putting these issues centre stage. In relation to bankers' pay, my right honourable friend the Chancellor of the Exchequer has announced today that the levy on banks will be brought forward, so that the banks will be taxed at a higher level than under the previous Government's one-off spending plans. We will await further developments in relation to discussions ongoing with the banks.