Budget - PwC says bank levy increase will be a blow to banks

Published at 14:35 PM on 18 March 2015

Matthew Barling, PwC banking tax partner, said:

"Today's announcement will be a blow to the UK banking industry. Coming hard on the heels of the bank loss restriction rules announced in the Autumn Statement, two more bank specific tax measures clearly shows bank taxes remain high on the political agenda. For a sector already under pressure in terms of profitability as a result of regulatory change and other demands, a further £900m increase in the bank levy will be felt acutely.

"The UK is a global leader in financial services. The short term benefits to the Treasury are perhaps understandable, but this could potentially be at the cost of the longer term growth and competitiveness of the UK as a global financial centre."

ENDS


Katherine Howbrook
PwC | Media Relations Manager - UK Regions and Financial Services
Office: 020 7212 2711 | Mobile: 07595 609 737
Email: [email protected]
PricewaterhouseCoopers LLP
1 Embankment Place, London, WC2N 6RH


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