Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate he has made of the annual yield to the Exchequer of reversing the rate reduction of the Bank Levy introduced in 2015.

There was a one off Banker’s Bonus Tax in 2009-10 aimed at encouraging banks to rebuild their financial base in the wake of the financial crisis.

Since 2010, the government has been clear that banks should make a fair contribution to the Exchequer. For that reason, in 2011 the government introduced the bank levy, a tax on banks’ balance sheets that has so far raised £14.3bn. In 2015 the government set out a long term plan for bank taxation, announcing the introduction of an 8% bank corporation tax surcharge alongside reform of the levy. The OBR forecast that these two measures will raise £18.9bn over the next five years.