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Payment Protection: Treasury considers £2.5bn bank tax

The proposed £2.5 billion banking levy moved a step closer today (July 14th) as the Treasury launched a consultation into the issue.

Industry officials are due to give feedback on the proposals by October, with the tax due to be implemented in stages from 2011.

The levy, which was introduced by the coalition government in last month's budget, will take 0.04 per cent of a bank's balance sheet in 2011, increasing to 0.07 per cent in 2012.

Mark Hoban, financial secretary to the Treasury, claimed excessive risk taking was to blame for the financial crisis.

He said: "The levy is intended to ensure that the banking sector makes a fair contribution that reflects the risks it poses to the financial system and the wider economy, and to encourage banks to move away from riskier funding."

All financial institutions with liabilities greater than £20 million are eligible for the tax, although certain items such as saver's deposits will be exempt.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
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