Lucy Frazer corrected the Commons record on Finance (No. 2) Bill

19 November 2021 · Commons Hansard, Written Corrections · Treasury

The words were spoken in the Commons on 16 November 2021. The correction was made by letter from the Financial Secretary to the Treasury, and printed in Hansard's Written Corrections on 19 November 2021. The corrected text no longer gives the figure 1 million. Altogether 96 words differ between the two versions.

The question

The Minister mentioned fairness a few times, and also the challenges facing the country. Why have her Government decided to give banks a reduction in the surcharge taxes they pay, which will cost the taxpayer £1 billion a year, when increasing numbers of our constituents are going hungry because of the failure to support them in the challenges they have faced over the last 18 months?

Original and corrected words

Struck through: original only. Bold: correction only.

Original	Corrected
I am grateful for the opportunity to answer that question, because the hon. Lady talked about a reduction in the amount banks are paying but that is not accurate: the banks will actually be paying a higher rate than previously. The hon. Lady might have noted that I referenced in my speech the fact that corporation tax was going up to 25%, and banks will be paying a higher rate than everybody else, who will be paying 25%; the banks will now be paying 28%, not the 27% they are currently paying. We are also ensuring that we have a competitive operating environment for these banks, because the banking sector not only contributes to the economy but employs 1 million people.	We are also ensuring that we have a competitive operating environment for these banks, because the banking sector not only contributes to the economy but employs almost half a million people.

Original

Corrected

I am grateful for the opportunity to answer that question, because the hon. Lady talked about a reduction in the amount banks are paying but that is not accurate: the banks will actually be paying a higher rate than previously. The hon. Lady might have noted that I referenced in my speech the fact that corporation tax was going up to 25%, and banks will be paying a higher rate than everybody else, who will be paying 25%; the banks will now be paying 28%, not the 27% they are currently paying. We are also ensuring that we have a competitive operating environment for these banks, because the banking sector not only contributes to the economy but employs 1 million people.

We are also ensuring that we have a competitive operating environment for these banks, because the banking sector not only contributes to the economy but employs almost half a million people.

The correction in Hansard.

Receipt

Read from	https://hansard-api.parliament.uk/debates/debate/99559D01-C710-43BC-91D9-72B4BEED015A.json
Date read	15 October 2026
SHA-256	`14de2430b2fb2b532ad8469fdd2f767b9570595a761342453c35dd2bf65995dd`