Huppert welcomes £1bn tax bill for banks

coins-and-notes.jpgA move to get the banks to pay an extra £1 billion in tax to help repair the economy has been welcomed by Cambridge MP Julian Huppert.

The measures is proposed by the Liberal Democrats to be included in the forthcoming budget; but if it is resisted by the Tories, it will become part of the party’s election manifesto.

 

Julian said: “The banks should be playing their part in rebuilding our economy as they contributed greatly to the downturn our country experienced. The taxpayer bailed out the banks now the banks have to play their part in helping to put Britain back on its feet.

 

“It would be wrong to make savings elsewhere without asking the banks to do more. The Bank Levy we introduced will raise around £8 billion in this Parliament but we need to go further.”

 

The money will be raised through a Supplementary Corporation Tax charge applied to the banks which will remain in place until the deficit has been addressed.