Banking (Responsibility and Reform)

Gordon Birtwistle Excerpts

Tuesday 7th February 2012 Commons Chamber

[Mr Umunna]

I completely agree with the point my hon. Friend makes.

[Gordon Birtwistle (Burnley) (LD)]

rose—

[Mr Umunna]

I will move on.

Given that market mechanisms since the crash have not operated to rein in excessive pay in the banking sector, the bank bonus tax, we have argued, should be repeated, on top of the bank levy, in recognition of the fact that the banking sector owes a responsibility to society in general. If the claim that we are all in it together is to mean anything, the reintroduction of that tax is a must. It would create 100,000 youth jobs and 25,000 affordable homes. It would do immeasurable good to the reputation of the sector and support jobs, growth and business in the UK economy.