Autumn Statement 2013: Bank levy rise could hit availability of credit
5 December 2013
Wayne Weaver, UK banking tax leader at Deloitte, said:
“The Chancellor has announced the seventh rise in the bank levy rate to 0.156% - an increase of 10%.
“A consultation process over the summer has also led to today’s announcement of a number of changes to the operation of the bank levy.
“The levy will raise £2.7bn in 2014/2015 with the cost continuing to be borne mostly by the large UK banks. However, as banks continue to deleverage, the rate of bank levy will need to continue to rise to meet the target yield. At some point this could affect pricing and the availability of credit.
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The following experts from Deloitte are available now and on the day of the Autumn Statement for comment. From 11am on Thursday 5th December, please call the Deloitte Autumn Statement Press Hotline on 020 7007 3333, where you will be directly connected to one of our spokespeople:
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