North Swindon MP Justin Tomlinson has welcomed the news that banks are paying more tax now than they were under Labour.
Figures from HMRC, PAYE and Corporate Tax receipts from the banking sector, show that banks are paying 58% more tax then they were in 2009/10 under Labour.
HMRC data also shows that the average annual amount of tax paid by the banking sector between 2010/11 and 2016/17 was £23.2 billion - 13% higher than the average annual amount of £20.5 billion paid by the banks between 2005/06 and 2009/10.
As a whole the financial sector contributed £72.1 billion in tax last year, a 35% increase on the £53.4 billion paid by the sector in 2009/10; and up by 6% on the £67.8 billion the sector paid before the financial crash.
In 2011, the Government introduced the the bank levy – which has raised over £14 billion so far, as well as an 8% Corporation Tax surcharge for banks which is forecast to raise £8.9 billion over the next five years. This funding is then rolled into the budget to spend on vital public services like the NHS and schools.
Justin Tomlinson MP said: “Banks and the financial sector as a whole are an important & thriving part of our economy. I am pleased to see that the Government’s work is paying off and we are seeing these increased tax contributions from banks, and the financial sector in general, which all help to fund the public services we need & use.”
