Wayne Weaver, UK banking tax leader within Deloitte's financial services tax practice, comments on today's Budget announcement that the Bank Levy will increase to 0.105% from 1 Jan 2013.
"The Chancellor announced today yet another rise in the levy rate charged on bank balance sheets, confirming his intention that the levy should raise £2.5 billion pa. The 2011 yield has fallen short of his target and would fall further as banks continue to deleverage and modify their funding profile."
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