Downing Street Says » Bank Levy

» Thursday, October 21, 2010

Bank Levy

Asked about the Bank Levy announcement today and whether this would rule out a tax on bankers bonuses, the Prime Minister’s Spokesman (PMS) told the assembled press that today’s announcement would include some of the detail for the Levy announced in the Budget, such as how it would be implemented and what it would be levied on.

The PMS said the expectation was that it would generate 2.5billion in annual revenues. The PMS added that there was a statement of policy in the Spending Review yesterday, which was that we would look to generate the maximum tax revenues from Financial Services on a sustainable basis.

Put that it could include bankers bonuses, the PMS replied that the Chancellor had answered that question in his statement. The Chancellor had referred to comments from Alastair Darling who had said that if you repeated the tax, individuals would find a way round it.

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