Bank levy rates to be increased raising £800m more in 2011
February 8, 2011
The Chancellor has announced an increase in the rate of the bank levy to be charged in 2011. This change will increase the revenue from the levy by £800m, to £2.5 billion.
The Government had 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.
From 1 March 2011 the rate of the levy will be 0.1 per cent for two months, to offset the lower rate of 0.05 per cent charged in January and February, before moving to 0.075 per cent.