“End banker bashing”, say senior Conservatives as party takes power

MPs call for tax relief for banks

It was no coincidence that news of a Conservative victory at the election triggered a jump in bank shares.

Conservative MPs have already called for an end to “banker bashing”, and instead pushing for a relaxation on the tax contributions banks make.

After becoming Chancellor, George Osborne introduced the bank levy, increasing it no less than nine times during his term of office.

Meanwhile, opposition leader Ed Miliband had promised increasing the tax further, and had planned additional taxes on bankers’ bonuses.

With the Conservatives sweeping to power at the election, calls for an end to the increasingly redistributive tax regime have grown in volume.

According to City AM, Mark Garnier, the MP for Wyre Forest, who is expected to re-join the Treasury Select Committee, said: “Bank bashing is something we’ve got to move on from, and getting stuck into the bank levy every so often to demonstrate that our bank bashing is as good as their bank bashing is not the way forward.”

City MP Mark Field also said: “Part of the skill of any chancellor is to set tax at a level where there may be grumbling from the people it affects, but they won’t do any more [than grumble]. With the bank levy, we have just about reached that tipping point. I would very much hope that insofar as we have future levies, we aren’t looking to squeeze a little bit too much out of the banks.”

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Readers' comments (1)

  • There you go, Tory voters! That's what you've elected. A Government whose main priority is to give bankers an easy ride and reduce the amount of tax they pay, at the expense of your public services.

    Well done. You stupid, stupid bunch of morons.

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