Osborne eases banks’ burden

HSBC-sign-THUMB.jpegBUDGET 2015: The government is to “gradually reduce” the UK Bank Levy, acknowledging the financial service industry’s importance to the economy.

Global banks including HSBC have previously threatened to leave the UK given the tough tax and regulatory environment they face.

Osborne said he would reduce the rate of the levy but added the government would maintain a fair contribution from the banks by introducing an 8% surcharge on bank profits in the future.

jack.sidders@estatesgazette.com