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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.

Ends

Follow us online
Deloitte’s Autumn Statement coverage will be on our dedicated website http://www.ukbudget.com You can also follow us on Twitter: @ukbudget where Bill Dodwell, head of tax policy at Deloitte, gives regular views.

Deloitte spokespeople
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:

  • Bill Dodwell - Business taxes and general topics
  • Daniel Lyons - Indirect and green taxes
  • Patricia Mock - Personal taxes
  • Mike Moore – Employee taxes
  • Wayne Weaver – Banking
  • Eliza Dungworth – Asset management
  • Anne Hamilton – Insurance
  • Debbie Griffiths - Entrepreneurial Business and SMEs
  • Phil Nicklin - Property taxation and REITs
  •  James Pargeter – Housing
  • Roman Webber - Oil and gas
  • Nick Prior - Public Sector and Infrastructure
  • Ian Stewart – Economics
  • Mike Turley – Head of public sector

Ends

Note to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities.

Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press. 

Member of Deloitte Touche Tohmatsu Limited

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David Gwyer
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Deloitte LLP
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