Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make it his policy to introduce a windfall tax on financial institutions which have made unexpected excess profits in the last 12 months.

The financial services sector already faces certain specific forms of taxation; for example, there are two additional taxes faced by banks. The Bank Corporation Tax Surcharge is an additional charge on banking profit above a set allowance, and the Bank Levy is charged on banks’ balance sheets with equity and liabilities over £20 billion. Since the introduction of the Bank Levy in 2011, these two taxes have raised over £37 billion in additional revenue from the banking sector.