Finance (No.2) Bill — New Clause 3 — Bank taxation — 8 Nov 2010 at 18:45

The majority of MPs rejected a proposal to order a report examining the level of taxation on the banking and financial services industry.

The rejected proposal was made while MPs were debating the second Finance Bill of the Parliament, titled the "Finance (No.2) Bill"^[1][2].

Labour MP Chris Leslie introduced a new Clause 2 to be added to the bill saying^[3]:

• The Treasury shall publish a report before the 2011 Budget examining the level of taxation on the banking and financial services industry

Mr Leslie explained his intent in proposing the new clause; as he introduced it he said^[3]:

• The new clause would shed further light on the facts behind the claim that there are no alternative revenues that could alleviate the burden of service and welfare cuts, which will fall heaviest, as we know, on middle-income families and some of the poorest adults and children in this country.
• [1] Parliament webpage on the Finance (No. 2) Bill 2010-11
• [2] Finance (No. 2) Bill 2010-11 as amended in committee, ie. as it was before the debate during which this vote took place.
• [3] Chris Leslie MP, House of Commons, 8th November 2010

Note: Due to a problem with the division bells extra time was given for this vote.

Debate in Parliament | Source |