Printer Friendly

UK lifts levy on banks to 2.5 bln stg in 2011.

Britain said it will raise 2.5 billion pounds ($4 billion) in 2011 from a levy on banks, increasing the amount it is getting from the industry by 800 million in the first year of the plan.

Britain said in June it would introduce a levy on banks that would raise about 2.5 billion pounds a year by 2012-13 when it was fully running. It had expected to raise 1.7 billion pounds this year as the scheme was phased in.

The Treasury said on Tuesday it had increased the levy to raise the full target in the first year, adding it wanted banks to make "a fair contribution" to the potential risks they pose to the financial system and to encourage them to move to less risky funding.

Copyright Financial Mirror. All right reserved.

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2011 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Financial Mirror (Cyprus)
Date:Feb 8, 2011
Words:144
Previous Article:How a blown engine won Airbus a $3.5 billion deal.
Next Article:Russian tourists advised to visit Cyprus and Greece.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |