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MP calls for Parliamentary debate on the taxation of banks


15th September 2011

Harriett Baldwin calls for a debate on the relative merits of unilateral and multilateral approaches to the taxation of banks.

Harriett Baldwin (West Worcestershire) (Con): May we have a debate on the relative merits of unilateral and multilateral approaches to the taxation of banks? This Government introduced a unilateral tax on bank balance sheets. We could discuss whether that is a better approach than waiting for a global tax, which I think would still not have come about.

Sir George Young: My hon. Friend is absolutely right: we would still be waiting for the global tax if it had been necessary to secure universal agreement before it went ahead. She is also right to remind the House of the unilateral bank levy that we introduced, which will raise almost £10 million during the current Parliament. The one-off bonus tax proposed by the Labour party has real disadvantages, not least the fact that the person who designed it says that a permanent tax would not work.

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