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Budget 2012: Bank levy raised yet again

The bank levy is being raised for a fourth time to 0.105%, chancellor George Osborne revealed in the Budget.

Osborne says the rise is to ensure the policy continues to raise £2.5bn a year and so corporation tax cuts don’t benefit the banks.

Corporation tax will be cut to 24% from April and will fall by 1% a year until 2014 when it will reach 22% from its original rate of 28% when the coalition government took office.

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