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(Clauses 1, 4, 8, 189 and 209, Schedules 1, 23 and 33, and certain new Clauses and new Schedules relating to value added tax)

We all agree that the financial services industry is vital for our economy and that we want it to remain a world leader. However, we also understand that it needs to pay its share towards getting the deficit down and dealing with some of the consequences of the downturn. We have discussed the fact that the amount raised by the bank levy is just over half the amount raised by Labour's bank bonus tax—£1.8 billion compared with £3.5 billion. However, a repeat of the bank bonus tax would not be permanent, but would be a temporary measure. It could be construed as temporary to do it again, realising that we need to pay the cost of tackling long-term youth unemployment, which, as we know from a report out today, could hit nearly 1 million. We need to look at priorities and deal with what is vital for young people's futures.