View more on these topics

AS 2012: Osborne raises bank levy for fifth time

Chancellor George Osborne has increased the bank levy for the fifth time since it was introduced in the emergency Budget of 2010.

London UK Parliament Big Ben Lamp 480

The tax on banks’ balance sheets was introduced as part of the coalition agreement and will rise from its current level of 1.105 per cent to 0.130 per cent next year.

In the March Budget, the levy increased to 0.105 per cent, following a rise in last year’s autumn statement from 0.075 per cent to 0.088 per cent.

The increase is set to raise an extra £515m in 2013/14 and at least £540m for the next four years until 2017/18.

Recommended

MS 3Dec cover index
11

Black mark for payday loans

Payday loans are a booming business but now lenders are divided on whether anyone who has taken out one of these loans should be accepted for a mortgage.

9

Which? research: Bank staff still under heavy sales pressure

A Which? investigation suggests the pressure on bank staff to sell financial products has not reduced, despite demands for change from regulators and politicians. In Which?’s Big Change survey of over 500 front line bank staff, conducted in September, 81 per cent say the pressure to meet sales targets has stayed the same or risen […]

Danny Waters
11

Bridgingwatch

West One Loans does not deserve the bad publicity it has received over an identity fraud case. The situation has been blown out of proportion and the lender has probably been the victim of its own success

2

Accord cuts 90% LTV rates

Accord Mortgages is reducing rates on a number of its 90 per cent LTV fixed rate mortgages from tomorrow in addition to launching new £495 fee fixed rate products.