Budget Resolution — The Bank Levy — 25 Mar 2014 at 18:47

Anna Soubry MP, Broxtowe voted in favour of increasing the rate of the bank levy tax and in favour of changes aimed at improving the operational efficiency of the levy.

The majority of MPs voted in favour of increasing the rate of the bank levy tax and in favour of changes aimed at improving the operational efficiency of the levy.

The motion approved in this vote was:

  • That provision (including provision with retrospective effect) may be made about the bank levy.

The Bank levy was introduced by Schedule 19 of the Finance Act 2011[1]; it raises a tax on banks based on their total applicable liabilities and equities.

This vote followed the 2014 Budget[2] in which the following changes to the Bank Levy were announced:

• limit the protected deposit exclusion to amounts insured under a deposit protection scheme

• treat all derivative contracts as short term

• restrict relief for a bank’s High Quality Liquid Assets to the rate applicable to long-term liabilities

• align the bank levy definition of Tier One capital with the new Capital Requirements Directive from January 2014

• exclude liabilities in respect of collateral that has been passed on to a central counterparty from January 2014

• widen legislation-making powers within the bank levy from January 2014 to ensure it can be kept in line with regulation

and

  • The government will set the full rate of the bank levy at 0.156% from 1 January 2014, up from the January 2013 rate of 0.105%

The amount forecast to be raised via the bank levy was £2.7bn in 2014/15, up from £2.3bn in 2013-14.

This vote was on Finance Bill resolution number 79[4]. Finance Bill resolutions are are also known as budget resolutions or budget motions.

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Debate in Parliament | Source |

Party Summary

Votes by party, red entries are votes against the majority for that party.

What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.

What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.

What is Turnout? This is measured against the total membership of the party at the time of the vote.

PartyMajority (Aye)Minority (No)BothTurnout
Alliance0 10100.0%
Con257 (+2 tell) 0084.9%
DUP0 4050.0%
Green0 10100.0%
Independent0 1050.0%
Lab0 227 (+2 tell)088.8%
LDem42 0075.0%
PC0 30100.0%
SDLP0 30100.0%
SNP0 5083.3%
Total:299 245085.2%

Rebel Voters - sorted by party

MPs for which their vote in this division differed from the majority vote of their party. You can see all votes in this division, or every eligible MP who could have voted in this division

Sort by: Name | Constituency | Party | Vote

NameConstituencyPartyVote
no rebellions

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