herald

Monday 23 October 2017

UK bank tax aims to raise €2.8bn per year

BRITAIN has introduced a sweeping bank tax which is expected to raise £2.5bn (€2.8bn) a year.

The Chancellor George Osborne said he wanted the levy to raise the "maximum sustainable revenues" without driving banking groups out of the UK.

Mr Osborne said banks should share the pain of measures to repair the deficit caused by the financial crisis.

But he said the Government "neither want to let banks off their fair contribution, neither do we want to drive them abroad".

Mr Osborne also confirmed all UK banks would be asked to sign up to a tax code of conduct by the end of next month.

Only four out of 15 banks have so far signed up to the code.

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