THE BRITISH BANKERS’ ASSOCIATION

DIRECTOR GENERAL

“This was a Budget for business: it was about making it more attractive for businesses to do business here in the UK. It was also about giving businesses the confidence to invest in their futures and giving their customers the confidence to spend again. Crucially it underlines the fact that bank finance continues to be available for viable businesses. It was also about giving our international trading partners confidence that the country is fully focused on restoring financial stability and promoting economic recovery. Banks are committed to providing the UK’s businesses with the finance they need to develop and grow, and we welcome the National Loan Guarantee Scheme. The government has said that it both wants the bank levy to raise a specific amount – £2.5bn – and that any reduction in corporation tax will be offset by an increase in the levy. The corporation tax cut would reduce the amount raised, so the percentage has been raised to correct this. The end result is that the banks pay the same.”