Responding to the Chancellor’s announcement today that the bank levy would be made permanent, raising a further £800m in revenue this year, Gerry Jones, chairman of the Institute of Directors (IoD) in the South West, said: “When the levy was first introduced we cautioned that there was a real risk that it would ramp up over time, and risk undermining the competitiveness of the City.
“Today’s announcement of a further increase of £800m in the levy confirms our initial concern; let’s hope it’s the last increase.”
The government says it will increase the levy on banks to £2.5bn this year.
