UK banking industry warns tax could have adverse effects

06/21/2010 | Financial Times (tiered subscription model) · Reuters

UK Chancellor George Osborne plans to impose a tax on banks' balance sheets, a key part of his budget, to force the financial-services industry to do its part in reducing the deficit. The industry is resigned to dealing with a tax but warned that it could have unintended consequences. Mark Austen, acting CEO at AFME, said a unilateral bank levy could "threaten the UK's future as the world's leading international financial centre".

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Financial Times (tiered subscription model) · Reuters

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