Direct Tax and National Insurance Contributions

Baroness Taylor of Bolton Excerpts

Tuesday 25th October 2022 Lords Chamber

[Viscount Younger of Leckie (Con)]

I do not know of any plans to change the current position, which is that the cap was raised on bankers’ bonuses, and I may say, having had a long career in the city, that I think it is a very good thing. The reason for that is that we are in a position in London to recruit the very best bankers from around the world who generate income for the UK, and they pay more tax into the Treasury, so it is a very good thing.

[Baroness Taylor of Bolton (Lab)]

The Minister did not dispute the figures from my noble friend Lord Sikka. Will he confirm that the figures were correct, and if they are correct, how does that fit in with the Government’s levelling-up agenda? Or has that been ditched?

[Viscount Younger of Leckie (Con)]

The Prime Minister mentioned the levelling-up agenda today, and it is very much on course—as you probably heard, he cited the fact that we wish to revert back, which is quite right, to the 2019 manifesto. In terms of the noble Lord’s figures, I will need to look at Hansard to see what precisely he said, because it was a very specific issue that he raised.