Bank levy raised by 0.03 percentage points

LONDON Wed Mar 23, 2011 3:40pm GMT

LONDON (Reuters) - The government increased the levy it charges on bank balance sheets in its 2011 Budget on Wednesday to counteract any benefit banks may receive from a broader reduction in corporation tax.

The new rate from 2012 onwards for short-term chargeable liabilities will be 0.078 percent, up from a previous 0.075 percent. For long-term liabilities and equity, the rate will be 0.039 percent, the finance ministry said.

(Reporting by Matt Falloon and David Milliken)


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.