Bank levy hiked

The government has announced that it will increase the levy on bank borrowing in the UK again.

It will rise from the current 0.078 per cent to 0.088 per cent from January.

The Treasury assesses that it will yield the originally projected £2.6bn per year.

Chancellor George Osborne made the announcement – which was widely anticipated – in his Autumn Statement on Tuesday.

The British Bankers' Association said: "A stable tax regime is important. Banks of all nationalities do business around the world from here, and they pay tax here. Certainty is an important requirement."