The coalition government have unveiled a banks levy that will apply to the balance sheets of UK banks and building societies and to the UK operations of banks from abroad
The tax, which is to be introduced in January 2011, may raise over £2 billion each year.
Osborne also announced deductions for Tier one capital and insured retail deposits and a lower rate for longer maturity funding.
Smaller banks with liabilities below a certain level will not be liable for the levy.
Osborne stated that it would be unfair to wait until every country in the G20 introduces a bank levy, but that the French and Germans have joined the UK in committing to introduce a bank balance sheet levy.
Osborne said: "The failures of the banks imposed a huge cost on the rest of society. So I believe it is fair and it is right that in future banks should make a more appropriate contribution, which reflects the many risks they generate."
The government has announced new emergency measures to tackle the current housebuilding crisis in London and unlock tens of thousands of homes.
The Chancellor has appointed growth and productivity expert Dr Anna Valero as an Industrial Strategy advisor.
The Chancellor has announced a £500 million investment package to deliver growth in the Oxford to Cambridge Corridor and cement its status as
New data from Ordnance Survey (OS) will be used to support safe walking across Great Britain.
The government has announced new financial penalties for water companies who commit environmental offences.
Grantex is the UK’s leading supplier of specialist aggregates and producer of Premium Dried Sports Sand for High-Performance Synthetic Pitches.
Creating and maintaining an outstanding synthetic pitch starts with the right foundation. Grantex premium dried silica sand is engineered to deliver exceptional performance, durability and safety across a range of synthetic sports surfaces.
Join us for the landmark 10th Anniversary of the London Build Expo, the UK’s largest and most influential construction and design show.
Retail Supply Chain & Logistics Expo returns to Excel London across 12-13 November, once again bringing together the world of logistics, supply chain, eCommerce and retail innovation for two dynamic days of opportunity.
Every sport, from grassroots football to world-class tournaments, depends on one constant: high-quality playing surfaces and well-maintained green spaces.
Bauder marked a major milestone in its UK expansion with the official handover of a brand
At Words of World, we specialise in professional translation and interpreting, d
The British Institute of Cleaning Science (BICSc) and the Cleaning & Support Services Association (CSSA) have successfully completed a groundbreaking project aimed at exploring the future of cleaning. This collaboration marks a significant milestone in the cleaning industry, reflecting a shared commitment to embracing innovation with confidence.
The Crown Commercial Service’s (CCS) new framework on Language Services (RM6302), dealing with translation, transcription and interpreting, is live, running from 7th May 2025 to 6th May 2028.
