MPs tonight voted down an amendment that will hand bankers a multi-billion pound tax cut according to Labour estimates in a move described as “punching down” by one MP.
Chancellor Rishi Sunak was urged to cancel planned tax cuts for banks earlier today and use the cash to ease the blow of the cost-of-living crisis on working people.
An amendment to the Finance Bill was debated in the House of Commons that would halt a planned cut from 8 to 3 per cent in the surcharge levied on banking profits over £25 million from next year.
Labour said the estimated £1 billion annual cost of the reduction could be used to fund home improvements for hundreds of thousands of families to soften the blow of energy bill rises expected to average around £700 from April.
Sunak announced plans to cut the profit surcharge in last year’s budget, to soften the impact of a rise from 19 to 25 per cent in corporation tax on the same date.
The surcharge has raised £8.3 billion since its implementation in 2016.
Figures obtained by Labour from the House of Commons Library showed that £1 billion a year could provide solid wall insulation for 110,000 homes, cavity wall insulation for 1 million homes, 380,000 new gas condensing boilers, the replacement of single with double glazing in 200,000 homes or the installation.
Following the vote Richard Burgon described the move as “sickening”, while Zarah Sultana said “don’t believe” Conservative lies about levelling-up, “they’re busy punching down”.
Here’s the full list of MPs who voted down Amendment 35:
Bim Afolami (Conservative – Hitchin and Harpenden)
Adam Afriyie (Conservative – Windsor)
Nickie Aiken (Conservative – Cities of London and Westminster)
Peter Aldous (Conservative – Waveney)
Lucy Allan (Conservative – Telford)
Lee Anderson (Conservative – Ashfield)
Stuart Anderson (Conservative – Wolverhampton South West)
Stuart Andrew (Conservative – Pudsey)
Caroline Ansell (Conservative – Eastbourne)
Edward Argar (Conservative – Charnwood)
Victoria Atkins (Conservative – Louth and Horncastle)
Gareth Bacon (Conservative – Orpington)
Richard Bacon (Conservative – South Norfolk)
Shaun Bailey (Conservative – West Bromwich West)
Siobhan Baillie (Conservative – Stroud)
Duncan Baker (Conservative – North Norfolk)
Steve Baker (Conservative – Wycombe)
Harriett Baldwin (Conservative – West Worcestershire)
Steve Barclay (Conservative – North East Cambridgeshire)
John Baron (Conservative – Basildon and Billericay)
Simon Baynes (Conservative – Clwyd South)
Aaron Bell (Conservative – Newcastle-under-Lyme)
Scott Benton (Conservative – Blackpool South)
Paul Beresford (Conservative – Mole Valley)
Jake Berry (Conservative – Rossendale and Darwen)
Saqib Bhatti (Conservative – Meriden)
Bob Blackman (Conservative – Harrow East)
Crispin Blunt (Conservative – Reigate)
Peter Bone (Conservative – Wellingborough)
Peter Bottomley (Conservative – Worthing West)
Andrew Bowie (Conservative – West Aberdeenshire and Kincardine)
Karen Bradley (Conservative – Staffordshire Moorlands)
Graham Brady (Conservative – Altrincham and Sale West)
Suella Braverman (Conservative – Fareham)
Steve Brine (Conservative – Winchester)
Paul Bristow (Conservative – Peterborough)
Sara Britcliffe (Conservative – Hyndburn)
Anthony Browne (Conservative – South Cambridgeshire)
Fiona Bruce (Conservative – Congleton)
Robert Buckland (Conservative – South Swindon)
Alex Burghart (Conservative – Brentwood and Ongar)
Rob Butler (Conservative – Aylesbury)
Alun Cairns (Conservative – Vale of Glamorgan)
Andy Carter (Conservative – Warrington South)
James Cartlidge (Conservative – South Suffolk)
William Cash (Conservative – Stone)
Miriam Cates (Conservative – Penistone and Stocksbridge)
Maria Caulfield (Conservative – Lewes)
Alex Chalk (Conservative – Cheltenham)
Rehman Chishti (Conservative – Gillingham and Rainham)
Jo Churchill (Conservative – Bury St Edmunds)
Greg Clark (Conservative – Tunbridge Wells)
Simon Clarke (Conservative – Middlesbrough South and East Cleveland)
Theo Clarke (Conservative – Stafford)
Brendan Clarke-Smith (Conservative – Bassetlaw)
Chris Clarkson (Conservative – Heywood and Middleton)
James Cleverly (Conservative – Braintree)
Geoffrey Clifton-Brown (Conservative – The Cotswolds)
Thérèse Coffey (Conservative – Suffolk Coastal)
Elliot Colburn (Conservative – Carshalton and Wallington)
Damian Collins (Conservative – Folkestone and Hythe)
Robert Courts (Conservative – Witney)
Claire Coutinho (Conservative – East Surrey)
Geoffrey Cox (Conservative – Torridge and West Devon)
Virginia Crosbie (Conservative – Ynys Môn)
Tracey Crouch (Conservative – Chatham and Aylesford)
James Daly (Conservative – Bury North)
David T C Davies (Conservative – Monmouth)
James Davies (Conservative – Vale of Clwyd)
Gareth Davies (Conservative – Grantham and Stamford)
Mims Davies (Conservative – Mid Sussex)
David Davis (Conservative – Haltemprice and Howden)
Dehenna Davison (Conservative – Bishop Auckland)
Caroline Dinenage (Conservative – Gosport)
Sarah Dines (Conservative – Derbyshire Dales)
Jonathan Djanogly (Conservative – Huntingdon)
Leo Docherty (Conservative – Aldershot)
Michelle Donelan (Conservative – Chippenham)
Steve Double (Conservative – St Austell and Newquay)
Oliver Dowden (Conservative – Hertsmere)
Jackie Doyle-Price (Conservative – Thurrock)
Richard Drax (Conservative – South Dorset)
Flick Drummond (Conservative – Meon Valley)
David Duguid (Conservative – Banff and Buchan)
Philip Dunne (Conservative – Ludlow)
Mark Eastwood (Conservative – Dewsbury)
Ruth Edwards (Conservative – Rushcliffe)
Michael Ellis (Conservative – Northampton North)
Tobias Ellwood (Conservative – Bournemouth East)
Natalie Elphicke (Conservative – Dover)
George Eustice (Conservative – Camborne and Redruth)
Luke Evans (Conservative – Bosworth)
David Evennett (Conservative – Bexleyheath and Crayford)
Ben Everitt (Conservative – Milton Keynes North)
Michael Fabricant (Conservative – Lichfield)
Laura Farris (Conservative – Newbury)
Simon Fell (Conservative – Barrow and Furness)
Katherine Fletcher (Conservative – South Ribble)
Mark Fletcher (Conservative – Bolsover)
Vicky Ford (Conservative – Chelmsford)
Kevin Foster (Conservative – Torbay)
Mark Francois (Conservative – Rayleigh and Wickford)
Lucy Frazer (Conservative – South East Cambridgeshire)
Mike Freer (Conservative – Finchley and Golders Green)
Richard Fuller (Conservative – North East Bedfordshire)
Marcus Fysh (Conservative – Yeovil)
Roger Gale (Conservative – North Thanet)
Mark Garnier (Conservative – Wyre Forest)
Nusrat Ghani (Conservative – Wealden)
Peter Gibson (Conservative – Darlington)
Jo Gideon (Conservative – Stoke-on-Trent Central)
John Glen (Conservative – Salisbury)
Robert Goodwill (Conservative – Scarborough and Whitby)
Michael Gove (Conservative – Surrey Heath)
Richard Graham (Conservative – Gloucester)
James Gray (Conservative – North Wiltshire)
Chris Green (Conservative – Bolton West)
Damian Green (Conservative – Ashford)
Andrew Griffith (Conservative – Arundel and South Downs)
Kate Griffiths (Conservative – Burton)
James Grundy (Conservative – Leigh)
Jonathan Gullis (Conservative – Stoke-on-Trent North)
Robert Halfon (Conservative – Harlow)
Luke Hall (Conservative – Thornbury and Yate)
Stephen Hammond (Conservative – Wimbledon)
Matt Hancock (Conservative – West Suffolk)
Greg Hands (Conservative – Chelsea and Fulham)
Mark Harper (Conservative – Forest of Dean)
Rebecca Harris (Conservative – Castle Point)
Trudy Harrison (Conservative – Copeland)
Simon Hart (Conservative – Carmarthen West and South Pembrokeshire)
John Hayes (Conservative – South Holland and The Deepings)
Oliver Heald (Conservative – North East Hertfordshire)
Chris Heaton-Harris (Conservative – Daventry)
Gordon Henderson (Conservative – Sittingbourne and Sheppey)
Antony Higginbotham (Conservative – Burnley)
Damian Hinds (Conservative – East Hampshire)
Simon Hoare (Conservative – North Dorset)
Richard Holden (Conservative – North West Durham)
Kevin Hollinrake (Conservative – Thirsk and Malton)
Philip Hollobone (Conservative – Kettering)
Adam Holloway (Conservative – Gravesham)
Paul Holmes (Conservative – Eastleigh)
John Howell (Conservative – Henley)
Nigel Huddleston (Conservative – Mid Worcestershire)
Neil Hudson (Conservative – Penrith and The Border)
Eddie Hughes (Conservative – Walsall North)
Jane Hunt (Conservative – Loughborough)
Tom Hunt (Conservative – Ipswich)
Alister Jack (Conservative – Dumfries and Galloway)
Mark Jenkinson (Conservative – Workington)
Andrea Jenkyns (Conservative – Morley and Outwood)
Caroline Johnson (Conservative – Sleaford and North Hykeham)
Gareth Johnson (Conservative – Dartford)
David Johnston (Conservative – Wantage)
Andrew Jones (Conservative – Harrogate and Knaresborough)
David Jones (Conservative – Clwyd West)
Marcus Jones (Conservative – Nuneaton)
Simon Jupp (Conservative – East Devon)
Daniel Kawczynski (Conservative – Shrewsbury and Atcham)
Alicia Kearns (Conservative – Rutland and Melton)
Gillian Keegan (Conservative – Chichester)
Greg Knight (Conservative – East Yorkshire)
Danny Kruger (Conservative – Devizes)
Kwasi Kwarteng (Conservative – Spelthorne)
John Lamont (Conservative – Berwickshire, Roxburgh and Selkirk)
Robert Largan (Conservative – High Peak)
Pauline Latham (Conservative – Mid Derbyshire)
Andrea Leadsom (Conservative – South Northamptonshire)
Edward Leigh (Conservative – Gainsborough)
Ian Levy (Conservative – Blyth Valley)
Andrew Lewer (Conservative – Northampton South)
Brandon Lewis (Conservative – Great Yarmouth)
Julian Lewis (Conservative – New Forest East)
Ian Liddell-Grainger (Conservative – Bridgwater and West Somerset)
Chris Loder (Conservative – West Dorset)
Mark Logan (Conservative – Bolton North East)
Marco Longhi (Conservative – Dudley North)
Julia Lopez (Conservative – Hornchurch and Upminster)
Jack Lopresti (Conservative – Filton and Bradley Stoke)
Jonathan Lord (Conservative – Woking)
Tim Loughton (Conservative – East Worthing and Shoreham)
Craig Mackinlay (Conservative – South Thanet)
Cherilyn Mackrory (Conservative – Truro and Falmouth)
Rachel Maclean (Conservative – Redditch)
Kit Malthouse (Conservative – North West Hampshire)
Anthony Mangnall (Conservative – Totnes)
Scott Mann (Conservative – North Cornwall)
Julie Marson (Conservative – Hertford and Stortford)
Theresa May (Conservative – Maidenhead)
Jerome Mayhew (Conservative – Broadland)
Paul Maynard (Conservative – Blackpool North and Cleveleys)
Jason McCartney (Conservative – Colne Valley)
Karl McCartney (Conservative – Lincoln)
Stephen McPartland (Conservative – Stevenage)
Esther McVey (Conservative – Tatton)
Mark Menzies (Conservative – Fylde)
Johnny Mercer (Conservative – Plymouth, Moor View)
Huw Merriman (Conservative – Bexhill and Battle)
Stephen Metcalfe (Conservative – South Basildon and East Thurrock)
Robin Millar (Conservative – Aberconwy)
Maria Miller (Conservative – Basingstoke)
Nigel Mills (Conservative – Amber Valley)
Andrew Mitchell (Conservative – Sutton Coldfield)
Gagan Mohindra (Conservative – South West Hertfordshire)
Damien Moore (Conservative – Southport)
Robbie Moore (Conservative – Keighley)
Penny Mordaunt (Conservative – Portsmouth North)
Anne Marie Morris (Independent – Newton Abbot)
David Morris (Conservative – Morecambe and Lunesdale)
James Morris (Conservative – Halesowen and Rowley Regis)
Joy Morrissey (Conservative – Beaconsfield)
Jill Mortimer (Conservative – Hartlepool)
Wendy Morton (Conservative – Aldridge-Brownhills)
Kieran Mullan (Conservative – Crewe and Nantwich)
Holly Mumby-Croft (Conservative – Scunthorpe)
Sheryll Murray (Conservative – South East Cornwall)
Andrew Murrison (Conservative – South West Wiltshire)
Robert Neill (Conservative – Bromley and Chislehurst)
Lia Nici (Conservative – Great Grimsby)
Caroline Nokes (Conservative – Romsey and Southampton North)
Jesse Norman (Conservative – Hereford and South Herefordshire)
Neil O’Brien (Conservative – Harborough)
Matthew Offord (Conservative – Hendon)
Neil Parish (Conservative – Tiverton and Honiton)
Mark Pawsey (Conservative – Rugby)
Mike Penning (Conservative – Hemel Hempstead)
John Penrose (Conservative – Weston-super-Mare)
Andrew Percy (Conservative – Brigg and Goole)
Christopher Pincher (Conservative – Tamworth)
Dan Poulter (Conservative – Central Suffolk and North Ipswich)
Rebecca Pow (Conservative – Taunton Deane)
Victoria Prentis (Conservative – Banbury)
Tom Pursglove (Conservative – Corby)
Jeremy Quin (Conservative – Horsham)
Will Quince (Conservative – Colchester)
Tom Randall (Conservative – Gedling)
John Redwood (Conservative – Wokingham)
Jacob Rees-Mogg (Conservative – North East Somerset)
Angela Richardson (Conservative – Guildford)
Rob Roberts (Independent – Delyn)
Laurence Robertson (Conservative – Tewkesbury)
Mary Robinson (Conservative – Cheadle)
Andrew Rosindell (Conservative – Romford)
Lee Rowley (Conservative – North East Derbyshire)
Dean Russell (Conservative – Watford)
David Rutley (Conservative – Macclesfield)
Gary Sambrook (Conservative – Birmingham, Northfield)
Selaine Saxby (Conservative – North Devon)
Paul Scully (Conservative – Sutton and Cheam)
Bob Seely (Conservative – Isle of Wight)
Andrew Selous (Conservative – South West Bedfordshire)
Grant Shapps (Conservative – Welwyn Hatfield)
Alok Sharma (Conservative – Reading West)
Alec Shelbrooke (Conservative – Elmet and Rothwell)
David Simmonds (Conservative – Ruislip, Northwood and Pinner)
Chloe Smith (Conservative – Norwich North)
Greg Smith (Conservative – Buckingham)
Henry Smith (Conservative – Crawley)
Julian Smith (Conservative – Skipton and Ripon)
Royston Smith (Conservative – Southampton, Itchen)
Amanda Solloway (Conservative – Derby North)
Ben Spencer (Conservative – Runnymede and Weybridge)
Mark Spencer (Conservative – Sherwood)
Alexander Stafford (Conservative – Rother Valley)
Andrew Stephenson (Conservative – Pendle)
Jane Stevenson (Conservative – Wolverhampton North East)
John Stevenson (Conservative – Carlisle)
Iain Stewart (Conservative – Milton Keynes South)
Mel Stride (Conservative – Central Devon)
Julian Sturdy (Conservative – York Outer)
Desmond Swayne (Conservative – New Forest West)
Robert Syms (Conservative – Poole)
Derek Thomas (Conservative – St Ives)
Maggie Throup (Conservative – Erewash)
Edward Timpson (Conservative – Eddisbury)
Kelly Tolhurst (Conservative – Rochester and Strood)
Justin Tomlinson (Conservative – North Swindon)
Michael Tomlinson (Conservative – Mid Dorset and North Poole)
Craig Tracey (Conservative – North Warwickshire)
Laura Trott (Conservative – Sevenoaks)
Tom Tugendhat (Conservative – Tonbridge and Malling)
Shailesh Vara (Conservative – North West Cambridgeshire)
Martin Vickers (Conservative – Cleethorpes)
Matt Vickers (Conservative – Stockton South)
Theresa Villiers (Conservative – Chipping Barnet)
Robin Walker (Conservative – Worcester)
Charles Walker (Conservative – Broxbourne)
Jamie Wallis (Conservative – Bridgend)
Matt Warman (Conservative – Boston and Skegness)
Giles Watling (Conservative – Clacton)
Suzanne Webb (Conservative – Stourbridge)
Heather Wheeler (Conservative – South Derbyshire)
John Whittingdale (Conservative – Maldon)
Bill Wiggin (Conservative – North Herefordshire)
James Wild (Conservative – North West Norfolk)
Craig Williams (Conservative – Montgomeryshire)
Gavin Williamson (Conservative – South Staffordshire)
Mike Wood (Conservative – Dudley South)
Jeremy Wright (Conservative – Kenilworth and Southam)
Jacob Young (Conservative – Redcar)
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