Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of levying a windfall tax on commercial banks.
Banks already face two additional taxes. 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 £33 billion in additional revenue from the banking sector.