View more on these topics

CSR: Osborne: we will not let the banks off

Chancellor George Osborne has pledged that he will not “let banks off” their responsibilities.

He said legislation to introduce a permanent tax levy on banks is to be published tomorrow.  

Osborne told Parliament the banking industry has been “so poorly regulated” in recent years and he understands the public’s anger at the institutions.

The Government will not “let banks off” their responsibilities, he said.

He added the Government must avoid driving banks abroad because of the large numbers of staff they employ.

The British Bankers’ Association says the permanent levy was “not unexpected”.

A statement says: “Banks fully understand they have a role to play in the UK’s economic recovery.

“We clearly need to see the full detail of today’s announcements to be able to assess their impact on the UK banking sector and our attractiveness as a global financial centre.

“Decisions taken today will have an effect on the whole industry and to remain competitive UK policies need to be in step with those elsewhere. Financial services currently contribute around £24bn in taxes every year so we are pleased the Chancellor said he wishes to balance taxation with the attractiveness of the UK as a global financial centre and the need to retain jobs.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. And what about the FSA announcing a regulatory initiative to “not let the banks off their responsibilities”? Precious little chance of that.

Leave a comment