Britain raises bank levy

A view of the London City skyline

The UK government on Thursday published final legislation for a bank levy that will see domestic banks charged a higher rate of tax than originally proposed in the June budget.

Amendments to the legislation on the bank levy, which comes into effect in January, will see banks charged 0.05% on liabilities held on its balances sheet in 2011 - compared to the 0.04% figure set out in June. From 2012 onwards, the banks will be charged 0.075% instead of the 0.07% June figure.

The government said the c

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