Lamport Bassitt Solicitors - Legal News - Govt announces final bank levy legislation


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Govt announces final bank levy legislation Final legislation that may affect banking and financial solicitor services has been set out by the government. Following two periods of consultation, the Treasury has published the final draft of new bank levy laws. The rate for 2011 will be 0.05 per cent, rather than 0.04 percent, and it will the rise to 0.075 per cent from 2012, instead of the 0.07 per cent announced in the June Budget. Announcing the final legislation, financial secretary to the Treasury Mark Hoban said the first objective of the scheme is to ensure banks make a "fair contribution" to the UK economy. In addition, he explained "the final scheme design will encourage the banks to make greater use of more stable sources of funding, such as long-term debt and equity, working with the grain of our wider reform programme". The news comes as the Treasury publishes draft clauses for the finance bill 2011 - the first time the government has made public the majority these clauses for consultation. Posted by Gaby Hamerton Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News