§ Mr. Delwyn Williamsasked the Chancellor of the Exchequer what the net income of a 1 per cent. windfall tax on banking profits would be; and what consequent reduction could be made in diesel and petrol duty by virtue of using the net result of the former to mitigate the latter.
§ Mr. Peter ReesI assume my hon. Friend has in mind a tax on "windfall profits" of banks. I regret that it is not possible to give the information requested: the yield would depend on the size of such profits and hence on how they were defined and to which period they related, as well as on the structure of the tax.