Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the bank corporation tax surcharge to 35 per cent.

According to recent reports by UK Finance, the UK banking sector currently employs close to half a million people, with almost two thirds outside London, and contributes nearly £39 billion in tax revenue.

The Government believes that a much higher combined rate of tax on banks’ profits would significantly worsen the UK’s competitive position relative to other major financial centres, putting jobs and Exchequer revenue at risk.