Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, commenting on proposed changes to the bank levy in the Budget, said:

“This looks like a secret tax cut for the big banks hidden in George Osborne’s Budget. How can that be a priority at a time when working people are worse off and the banks can afford to pay out bigger bonuses?

"The bank levy has already raised billions less than was originally promised. George Osborne must come clean and explain what impact this banding will have on revenues from the bank levy in future years.

"Labour would increase the bank levy to raise an additional £800 million a year. This would fund an expansion of free childcare places for working parents of 3 and 4 year olds to 25 hours a week.”