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Banks: Carbon Emissions

Volume 491: debated on Wednesday 22 April 2009

To ask the Chancellor of the Exchequer if he will direct UK Financial Investments Ltd. to estimate the potential revenue arising from a tax on the carbon dioxide liabilities contained in investments by (a) Royal Bank of Scotland, (b) Lloyds TSB/ Halifax Bank of Scotland, (c) Northern Rock and (d) Bradford and Bingley. (265907)

The overarching objective of UK Financial Investments Ltd. (UKFI) is to protect and create value for the taxpayer as shareholder, with due regard to the maintenance of financial stability and promoting competition.

As with all banks, the Royal Bank of Scotland, Lloyds Banking Group, Northern Rock and Bradford and Bingley are bound by statutory duties and tax liabilities.

The estimates requested are not available.