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George Osborne increases bank levy for 2011

8th February 2011

The government has increased the rate of the bank levy to be applied this year, in a bid to raise more money for public coffers.

Chancellor George Osborne said that the tax will be increased from its current level of 0.05 per cent from March 1st, to sit at 0.1 cent for two months before being established at 0.075 per cent for the rest of the year.

The Treasury explained that the rate will be higher for two months to make up for the revenue lost during January and February, when the levy sat at its original level.

It is believed that the move will allow the government to raise an additional GBP 800 million in revenue, taking the levy's total return for 2011 to GBP 2.5 billion.

The levy was originally set at the reduced rate of 0.05 per cent this year due to uncertain market conditions when the decision was made but the coalition has decided these have since improved.

Commenting on the news, shadow chancellor Ed Balls welcomed the decision to raise more money from the banking industry but claimed more could be done, such as another tax on bonuses.
 

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