Banks: USA

Mr. Drew
To ask the Chancellor of the Exchequer what representations he has made to the US authorities on the effect on UK banks in which the Government have a stake operating in the US of the new taxation arrangements in that country; and whether he plans to make such arrangements reciprocal.

Mr. Timms
On 14 January the US announced the “Financial Crisis Responsibility Fee”, which the Government are studying closely. This is a matter for the US authorities and UK banks will be working with them to understand the impact of the proposal as it passes through Congress.