Oral Answers to Questions

Mark Garnier Excerpts

Tuesday 9th September 2025 Commons Chamber

[Mr Speaker]

I call the shadow Economic Secretary.

[Mark Garnier (Wyre Forest) (Con)]

I also congratulate the hon. Member on her elevation to Economic Secretary to the Treasury; I am sure she will do very well.

The UK banking sector provides a valuable service to our economy, keeping money in circulation, funding business and mortgages and all the rest of it. The financial services sector is the UK’s biggest export sector. According to UK Finance, UK banks generate around £45 billion in tax every year, but because of things like the bank levy, UK banks now pay an effective rate of around 46%, which is higher than competitors in New York, Frankfurt, Dublin and Singapore. The Chancellor of the Exchequer has managed to dig her own £30 billion black hole in the economy, but can the Minister reassure the City of London and this House that there are no plans to increase taxes on our banking and wider financial services sector in the upcoming Budget in November?

[Mr Speaker]

Order. The markets will be closed soon. I call the Minister.