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Loan Insurance: Osborne confirms £2.5bn bank tax

The Chancellor George Osborne has confirmed that the government will tax the banks £2.5 billion a year following the introduction of a new levy.

During his Spending Review speech, Mr Osborne revealed that the coalitions aims to raise the "maximum sustainable revenues" without forcing firms to seek tax-havens abroad.

He said: "We neither want to let banks off making their fair contribution, nor do we want to drive them abroad."

Although the details of the new levy were not announced, the new tax is expected to raise £2.5 billion a year by forcing banks to pay fees dependant on their net worth.

Mr Osborne added that the annual levy will generate more revenue each and every year for the state than Labour's one-off charge in 2009 which raised around £2 billion.

UK banks will also be asked to sign the code of conduct on tax avoidance, he confirmed, after it was revealed only four out of the top 15 UK banks had done so.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800127615-ADNFCR

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