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Bank charges: Levy rates to increase in 2011

Chancellor George Osborne has announced that the rate of the bank levy to be charged in 2011 is to be increased this year.

This will increase the revenue from the levy in 2011 by £800m to £2.5 billion. From March 1st the rate of the levy will be 0.1 per cent for two months to offset the lower rate of 0.05 per cent that was charged in January and February.

According to the Bank of England's Financial Stability Report, which was released on December 17th, the near-term outlook and resilience of the UK banking sector has improved.

Prior to this, the government had announced that a reduced rate of 0.05 per cent would apply in 2011 because of the uncertain market conditions. However, the government no longer considers this necessary.

The increase in the rate of the levy will mean that it raises £2.5 billion over the course of this year, which is the same target revenue for future years.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800394315-ADNFCR



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