The burden of this levy will be felt by banks' owners and customers. Ultimately those who will pay are shareholders – in other words potential pensioners and other savers – and the users of financial services. At most the government should use this tax as a temporary measure
NIC CLARKE | CHARLES STANLEY
It is our feeling that after extensive lobbying the banks are reasonably happy with the outcome. It could have been much worse. But unless it is adopted by the key international financial centres then it is possible that the UK financial centre could be disadvantaged over time.
ANGELA KNIGHT | BRITISH BANKERS’ ASSOCIATION
The Treasury’s statement is largely silent on how this levy would interact with taxation in other countries. Until this is clearer, some banks could be taxed multiple times by multiple jurisdictions on the same activities. There is also no international consensus on how banking activities should be taxed: the G20 members still hold very different views