To ask the Chancellor of the Exchequer if he will bring forward legislative proposals to provide for a tax of one per cent. on all derivative products written by banks regulated by the Financial Services Authority. (259674)

All taxes are kept under review and the Chancellor announces any changes as part of the Budget process.

From a regulatory standpoint, the Government agree that it is important to take steps to make the derivatives infrastructure more robust and support efforts by the European Union and other international bodies to increase transparency and liquidity in the derivatives market.