Osborne gets his sums wrong on bank levy

2nd January: The Independent reported that chancellor George Osborne stands accused of “letting banks off the hook” as the exchequer will raise £700 million less that they originally calculated from the levy raised on them.

Chris Leslie, a Labour Treasury spokesman, said: “It tells you all you need to know about this Government that along with 8,000 millionaires, the banks are getting a tax cut while millions of working people are being forced to pay the price for this Government’s economic failure.” He added: “Whether it’s on taxation or watering down reforms to separate retail and investment banks, David Cameron and George Osborne have repeatedly failed to stand up to the vested interests of the banks. With the Government now set to borrow £212bn more than planned, and long-term unemployment at a worryingly high level, it’s time the Chancellor agreed to repeat Labour’s bank bonus tax, on top of the bank levy.”

http://www.independent.co.uk/news/uk/politics/osbornes-700m-bonus-for-the-banks-8436088.html

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Filed under Banks, Cabinet, George Osborne

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