Baroness Burt of Solihull
Main Page: Baroness Burt of Solihull (Liberal Democrat - Life peer)Department Debates - View all Baroness Burt of Solihull's debates with the HM Treasury
(13 years, 11 months ago)
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Mr Osborne
Bonuses amounted to £11.5 billion when the right hon. Lady was in the Cabinet, although that has not been recognised by any Labour Member who will stand up and ask a question today. What we are trying to do is persuade banks to make a greater contribution to communities, business and the regional economy, which we want to be supported.
Lorely Burt (Solihull) (LD)
On 1 September last year, the last Chancellor said that the bankers’ bonus tax had failed to change the City’s attitude to pay. He said that the tax was likely to be a one-off, and would not be reinstated by the coalition because it had failed to change bankers’ behaviour. Does my right hon. Friend agree with that?
Mr Osborne
The last Chancellor of the Exchequer has directly addressed the question of whether the bonus tax in the form in which he introduced it last year could be repeated this year. He thinks that it could not, because behaviour has changed. Indeed, we have seen base pay rise in response to the bonus tax. However, as I made clear in my statement, we are seeking a new settlement with the banks, and nothing is off the table if they cannot agree to that.