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Bank levy to raise £2.5bn for Treasury

first_img Bank levy to raise £2.5bn for Treasury whatsapp KCS-content Show Comments ▼ Thursday 9 December 2010 9:03 pm Sharecenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times THE government yesterday finalised legislation imposing a levy on banks that will raise £2.5bn for the treasury, with the tax to be charged at 0.05 per cent next year and 0.075 per cent in 2012 – although it could be adjusted depending on the tax receipts generated.The rates are higher than anticipated, with the draft bill in June putting the tax at 0.04 and 0.07 per cent. The Treasury claims that the tax is intended to “encourage banks to move to less risky funding profiles”, but chancellor George Osborne says the primary aim is to raise revenue: “I’m after £2.5bn and we’ve made it clear we are prepared to alter the rate to get that,” he said.It will apply to bank balance sheets after an allowance of £20bn and excludes many deposits and equity capital. RBS has estimated that the levy will cost it £315 next year and £473m in 2012, while it is understood that Barclays is making provisions for an impact of £380m.The tax will apply to 30 to 40 financial institutions, with some exemptions for those potentially facing a double levy due to a heavy presence in other jurisdictions considering a bank tax, such as Deutsche Bank.The announcement prompted concerns that by deciding to implement a levy alone, the UK could price itself out of the market for attracting financial services investment.CBI’s director for competitive markets Matthew Fell said: “To be truly effective and avoid undermining competitiveness, any new rules should be coordinated internationally or they risk harming economies. This is particularly true for the UK, given London’s role as a global financial centre.”British Bankers’ Association chief executive Angela Knight told City A.M.: “In many respects, the design has improved (since its first drafts). However, we still remain concerned about the effect of the bank levy on the international competitiveness of the UK.”Many banks have threatened to move operations and jobs abroad due to increasingly onerous regulation in the UK. More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comConnecticut man dies after crashing Harley into live bearnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPuffer fish snaps a selfie with lucky divernypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com whatsapplast_img read more