Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing a windfall tax on bank’s excess profits in a similar manner to the Energy Profits Levy.

Banks already face two additional taxes. The Bank Corporation Tax Surcharge is an additional charge on banking profit above a set allowance, and the Bank Levy is charged on banks’ balance sheets with equity and liabilities over £20 billion. Since the introduction of the Bank Levy in 2011, these two taxes have raised over £37 billion in additional revenue from the banking sector.