Britain announces bank levy with France, Germany: minister

22nd June 2010, Comments 0 comments

Britain will impose a levy on British banks from January next year in a bid to raise two billion pounds a year, finance minister George Osborne announced in an emergency budget on Tuesday.

The tax was part of a joint move with France and Germany, who would also announce similar levies Tuesday, he said.

"From January 2011 we will introduce a bank levy," Osborne told the House of Commons, adding: "Once fully in place we expect the levy to generate over two billion pounds in annual revenues."

He said a joint statement on the issue was due to be issued shortly simultaneously in London, Paris and Berlin.

© 2010 AFP

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