Many banks have announced that they will be paying bonuses to their employees. This is despite being bailed out with billions of pounds of taxpayers money, and the Bank of England cutting interest rates to extraordinarily low levels to make it easier to be a borrow money. The government has responded by saying it will impose a windfall tax on bank profits. At 1981 Budget, the then chancellor Geoffrey Howe introduced a windfall tax. Chairman of the Treasury Select Committee, John McFall, and the former Royal Bank of Scotland chairman, Sir George Matthewson, discuss how a windfall tax would work and the effect it might have.
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