The Chancellor has announced today an increase in the rate of the bank levy to be charged in 2011. This change will increase the revenue from the levy in 2011 by £800m to £2.5 billion.source
The Government initially announced that a reduced rate of 0.05 per cent would apply in 2011, recognising the uncertain market conditions prevailing at the time. The Government no longer considers this necessary. Therefore, from 1 March the rate of the levy will be 0.1 per cent for 2 months, to offset the lower rate of 0.05 per cent charged in January and February, before moving to 0.075 per cent.
The bank levy came into force last month, 6 weeks ago, and already the government has raised the rate of the tax by 50% of its original level.
Looking around I see that the chancellor has decided that this tax, originally mooted as a temporary emergency measure, is to be a permanent charge.
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5 comments:
Of course its permanent, they just cannot stop sucking revenue.
I agree ...... the thing that makes me wryly laugh is the way that the majority of people fail to see the pattern
1.Minister proposes large new tax
2.Minister waters down proposals after public outrage to a level that the majority feel wont impact their lives or pockets
3. Legislation contains clause that Minister can make changes without approval or consultation
4. Minister raises rate of new tax
If you point this out to people they generally accuse you of being paranoid.
You forgot Step 5, MW.
5. Customers actually end up paying the new fucking tax.
Or is I just too cynical?
CR.
Hey CR. I think you've got just the right level of cynicism worked out there.
With Osborne, we have an out-and-out member of Them and the misery will continue, not diminish, until the whole mob is shown the door.
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