The Traderszone Network

Published in TZ Latest News 15 July, 2015 by The TZ Newswire Staff

British banks complain of 40 billion pound extra tax bill

Britain’s banks will have been hit by an additional 40 billion pound tax bill by the end of this decade, harming their ability to lend to businesses and create new jobs, an industry lobby group said on Wednesday. Finance Minister George Osborne said last week that the government would replace a levy on bank balance sheets with a surcharge on profits, but the two schemes will run concurrently until 2020, placing an additional burden on lenders.

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