As the hon. Lady helpfully points out, we, unlike many other European countries, have a bank levy. The levy is targeted to raise £2.5 billion a year, but it will raise more than that this year, because we said we would increase it to ensure that it raised the amount it was targeted to raise. It is rather higher than the French and German levies.
The CBI has said that the FTT proposal “discourages important business activities” and
“undermines the ability of the financial sector to promote economic recovery”.
The European fund managers association, which is responsible for the welfare of millions of pensioners throughout Europe, has described the FTT—again, very explicitly—as a tax on savers, which will threaten the operation of capital markets and have a damaging impact. I am interested to note that the hon. Member for Nottingham East (Chris Leslie) appears to be sanguine about the effects on savers. I should have thought that the views of pensioners and others with an interest in a prosperous retirement would concern us all.