British banks face levy to offset cuts in corporation tax

CHANCELLOR George Osborne refused to let the British banking sector off the hook yesterday as he announced another hike in the bank levy to offset corporation tax cuts.

The bank levy is to be increased from next January, raising a further £285 million (€328m) in 2012.

The rise is the second so far this year after the Treasury announced last month the bank tax would be increased to £2.5 billion this year, raising another £800 million.