Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an recent assessment of the adequacy of rate of taxation applicable to the banking sector.

The Government recognises the need for the tax system to maintain the balance between revenue and competitiveness for the UK banking sector.

The banking sector faces two additional taxes in the form of the bank levy and the bank corporation tax surcharge, in addition to restrictions that mean banks cannot claim tax relief for historic losses incurred during the financial crisis, and denying banks corporation tax relief for PPI compensation payments.

Taken together these measures are forecast to have raised more than £57 billion from the banking sector by 2028 since their introduction.