Kevin Brennan
Main Page: Kevin Brennan (Labour - Cardiff West)Department Debates - View all Kevin Brennan's debates with the HM Treasury
(13 years, 4 months ago)
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Mr Osborne
My hon. Friend is right. When the bonus tax was introduced by the previous Chancellor, he explicitly said that there would be displacement activity and that the net receipts to the Treasury would be less. Those have been looked at by the Inland Revenue and verified by the independent Office for Budget Responsibility. They are less than the £2.5 billion or thereabouts that our bank levy will raise on a regular year-on-year basis once it is fully up and running.
Kevin Brennan (Cardiff West) (Lab)
What are ordinary hard-working constituents listening to the Chancellor’s announcements from millionaires’ row today to do but conclude that his message to them is that we are not all in this together, and that his message to the bankers is, “Carry on filling your boots?”