MP backing £2bn fat cat banker tax

Published on 12/07/2012 12:00

Livingston Labour MP Graeme Morrice has spoken out in favour of a £2 billion bank bonus tax to ensure bankers are paying their fair share towards the UK’s economic recovery.

He said a bank bonus tax, as proposed by Labour, could be used to tackle spiralling youth unemployment and the housing crisis by supporting 100,000 young people into work with a Real Job Guarantee and building thousands of affordable homes.

Speaking in the House of Commons, Mr Morrice said: “Families in West Lothian face higher living costs, cuts to tax credits and child benefit, frozen wages and reduced pensions.

“They want to know that highly-paid bankers, who shoulder much of the responsibility for our financial woes, are paying their fair share towards economic recovery.

“But the coalition government has actually reduced taxes on bankers, while at the same time failing to ensure that banks are increasing lending to hard-pressed small businesses. I support the bankers’ bonus tax to fund youth jobs and tackle the scandal of youth unemployment.”