According to a report in today’s Financial Times, the scheme is one of a number of measures aiming to extend beyond the £5bn assault on tax evasion in December’s pre-Budget report.
A Whitehall official told the FT: “These people with large bank balances who are hiding money offshore should be running scared of this announcement.
“HMRC is becoming incredibly good at finding out who these people are and it’s going to cost [the evaders] a lot.”
The FT also reports the Chancellor will tell part-nationalised banks Royal Bank of Scotland and Lloyds to lend an extra £90bn to businesses this year after the two banks failed to hit targets in 2008-09.
The BBC reports this morning that the Government will set out measures in the Budget to ensure UK banks are legally obliged to provide a basic bank account to all citizens. It says Chancellor Alistair Darling will announce the plans tomorrow to help the estimated 1.75 million adults who have no transactional bank account.The move is part of the Government’s push to tackle financial exclusion.