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AS 2011: Government to increase bank levy

Chancellor George Osborne has announced that the Government will increase the bank levy from 0.075 per cent to 0.088 per cent from January 1.

In his autumn statement, delivered today, Osborne said the change will ensure the levy generates its expected £2.5bn of revenue per year.

In the March Budget, Osborne announced the levy would rise from 0.075 per cent to 0.078 per cent from the beginning of 2012.

This was lower than the temporary rate of 0.1 per cent at the time, which was in place until April 30. On May 1, the levy fell to 0.075 per cent.

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