Tory MPs demand end to banker bashing: Bank levy debate hots up after historic Conservative election victory May 11, 2015 Conservative MPs and senior City figures want the new government to rein back punitive taxes aimed at banks and avoid weakening one of the UK’s most competitive industries. Shares in banks jumped on last week’s unexpected election result. Defeated Labour leader Ed Miliband had threatened major hikes to the bank levy, more bonus taxes and [...]
Standard Chartered warns compliance costs are mounting as it stays in the UK May 6, 2015 An increasing number of compliance staff are paid seven-figure salaries at Standard Chartered, the bank’s bosses told shareholders yesterday, as it battles to make sure it does not pay more mega-fines. The UK-based emerging markets specialist has been hit with fines for breaking US sanctions, and is increasingly beefing up its anti-money laundering teams. Chairman [...]
HSBC boss Stuart Gulliver warns George Osborne or Ed Balls tax hikes could drive bank from UK May 5, 2015 HSBC’S chief executive warned yesterday that the Conservative and Labour parties both risk driving the bank out of the country with tax hikes. The giant lender is looking at moving its headquarters out of the UK after more than 20 years in London, as its global business may be harmed by regulation and taxes. George [...]
Bank levy here to stay forever, says Osborne March 24, 2015 BRITAIN’S lenders face having to pay the bank levy forever, as the chancellor yesterday revealed that the crisis-era tax was here to stay. The levy was initially presented as a way to make banks pay for the crash, and to encourage them to shrink back down to a manageable size. But even when the deficit [...]
Analysts: Bank levy could drive Standard Chartered abroad March 23, 2015 George Osborne’s major new hike in the bank levy could prompt Standard Chartered to leave the UK, analysts at JP Morgan said yesterday, as the tax puts it at a disadvantage against global rivals. Such a move – to a location such as Singapore or Hong Kong – could take two or more years and cost [...]
Budget 2015: City hit by Google tax and bank levy hike March 18, 2015 The government's bank levy will be increased by 0.21 per cent, in an effort to raise £900m, the chancellor announced today. The measures were being taken so banks "make a bigger contribution to the repair of our public finances", George Osborne said during his Budget speech. Lenders will also be prevented from offsetting PPI compensation [...]
Liberal Democrats call for extra £1bn bank levy to pay off deficit March 1, 2015 Plans to tax Britain’s banks should be lifted with an additional £1bn levy in order to help pay off the deficit, will be announced by the Liberal Democrats today. Danny Alexander, chief secretary to the Treasury, is making a bid to have the proposal included in the chancellor’s Budget later this month. If it is [...]
Danny Alexander sets out plans to hike bank levy by £1bn March 1, 2015 The Lib Dem chief secretary to the Treasury Danny Alexander will lay out plans tomorrow to hit Britain's banks with a new £1bn tax. If Alexander fails to secure the measure in the chancellor's final budget before the election the Lib Dems will include the tax in the party's manifesto. The proposal would take the [...]
Changes to bank levy will cost firms £400m per year March 28, 2014 THE BANK levy will rise to £2.9bn from its previous target of £2.5bn per year, under plans in a consultation out yesterday, as the Treasury looks to fix the amount of money it raises from the industry. In 2010 the plan was to tax banks based on the size of their balance sheet, aimed at [...]
Miliband adds childcare to list of policies funded by bank levy November 18, 2013 LABOUR leader Ed Miliband yesterday revealed details of his plan to pay for more free childcare for working parents with the proceeds of the banking levy – a funding tactic that the Conservatives said was impractical. Miliband said he would offer 25 hours of free care for children aged between three and four, up from [...]