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AS 2012: Osborne raises bank levy for fifth time

London UK Parliament Big Ben Lamp 480

Chancellor George Osborne has increased the bank levy for the fifth time since it was introduced in the emergency Budget of 2010.

The tax on banks’ balance sheets was introduced as part of the coalition agreement and will rise from its current level of 1.105 per cent to 0.130 per cent next year.

In the March Budget, the levy increased to 0.105 per cent, following a rise in last year’s autumn statement from 0.075 per cent to 0.088 per cent.

The increase is set to raise an extra £515m in 2013/14 and at least £540m for the next four years until 2017/18.

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