David Lammy
Main Page: David Lammy (Labour - Tottenham)Department Debates - View all David Lammy's debates with the HM Treasury
(14 years, 3 months ago)
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Mr Osborne
The last Government left nothing except a letter from their Chief Secretary saying “I am sorry, but there is no money left”.
Mr David Lammy (Tottenham) (Lab)
Does the Chancellor recognise that most ordinary people consider a £2.5 levy for rich bankers to be grossly unfair, given that ordinary people are paying 10 times more? He can now do better with tax-dodgers. Does he expect Lord Ashcroft to pay more on 24 October?
Mr Osborne
We were the first major economy to introduce the banking levy. We were bitterly opposed in the run-up to the election by a Government, in whom I think the right hon. Gentleman was a Minister, who told us that we should not introduce the banking levy until all the other countries had done so. We took a lead and introduced the banking levy, which will raise £2.5 billion. Since then, many other countries have followed our lead. [Interruption.] Opposition Members say it’s nothing or a pittance. If that is the case, why did they not introduce a levy? They had 13 years to do it and they did not. The only thing they did was cut capital gains tax, which we have had to increase.