Osborne raises bank levy for third time
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The government is raising the bank levy from January 1 2012 for the third time since it was introduced.
In a blow to banks the levy will rise by almost 10% from 0.078% to 0.088% to raise extra revenue for the exchequer.
But there was some good news as chancellor George Osborne ruled out unilaterally introducing a financial transaction tax - dubbed the Robin Hood tax - and criticised attempts to introduce one solely in the European Union.
He also revealed that one in eight pounds collected in taxation comes from the financial services sector.
He pledged to reduce the reliance on the sector and diversify the UK economy by creating jobs through infrastructure projects.
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