House of Commons – Feb. 9, 2011 – 196

That this House takes note of European Union Document No. 15282/10 and Addendum, relating to financial sector taxation;

recognises that decisions regarding direct taxes are primarily a matter for sovereign governments;

supports the timely action the Government has already taken to introduce a permanent levy on bank balance sheets to ensure that banks make a full and fair contribution in respect of the potential risks they pose to the wider economy;

notes that the Government continues to explore the costs and benefits of financial activities taxes and will work with international partners to secure agreement;

and further supports the Government's position that an EU-wide financial transaction tax could lead to the relocation of financial services outside the EU. The House divided: Ayes 295, Noes 223.