Treasury select committee MP tables amendment to finance bill to protect smaller banks and building societies from chancellor’s new 8% levyAttempts are being made to water down George Osborne’s new tax on all banks which develop profits of more than £25m.
The degree,announced in the budget, has proved unpopular with the so-called challenger banks, and which are attempting to break the stranglehold of Royal Bank of Scotland,Lloyds Banking Group, HSBC and Barclays, and with building societies,which also face being subjected to the new tax.
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Source: theguardian.com