Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the benefits of introducing a windfall tax on banks in light of the economic impact of the current conflict in the Middle East.

The banking sector is already subject to additional taxes: the Bank Levy and the Bank Corporation Tax Surcharge, which together raise for the Exchequer approximately £3 billion per year.

As set out in the Corporate Tax Roadmap, the Government is committed to keeping the bank tax regime under review to ensure the objectives of growth and responsible fiscal policy are appropriately balanced.