Margot James
Main Page: Margot James (Conservative - Stourbridge)Department Debates - View all Margot James's debates with the HM Treasury
(13 years, 4 months ago)
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Mr Osborne
Again, the hon. Gentleman has amnesia. He seems to forget that for 13 years he supported a Government who allowed this problem to develop. Indeed, as far as I can tell, half the people who were in that Cabinet have gone on to work in the City.
Margot James (Stourbridge) (Con)
I congratulate the Chancellor on his Department’s excellent record on tackling banking excess, which contrasts so favourably with the lamentable record of the Labour party when it was in government. Bonuses are only part of the mix of compensation, so could he update the House on the progress that the Independent Commission on Banking has made on tackling remuneration?
Mr Osborne
The Independent Commission on Banking is examining the structure of the banking industry and is specifically examining the “too big to fail” issue. It is examining competition in the banking industry, because in recent years we have seen an enormous consolidation of the industry. On taxation, I should of course have mentioned that banks pay income tax on the bonuses and employers’ national insurance at 12.8%.