CITY BONUSES AND TAX AVOIDANCE

Early day motion 607, tabled 17 December 2007 by John McDonnell (Labour). Signed by 48 members.

That this House notes that the City is expected to hand out £7.4 billion in bonuses this year; further notes that the International Monetary Fund has branded the City an onshore tax haven for its role in helping companies dodge tax, and that Britain has many offshore tax havens including Jersey, Guernsey and the Isle of Man; believes that there is a strong case for a windfall tax on City bonuses; and calls on the Government to take steps to end the tax avoidance culture in Britain which, as War on Want has shown, mostly damages developing countries who lose out on £250 billion per year in lost tax revenue as a direct result of corporate tax avoidance.

Signatures by party: Labour 36, Liberal Democrat 5, Plaid Cymru 3, Independent 2, DUP 1, Social Democratic and Labour Party 1.