Budget 22 June 2010: British Bankers' Association statement

[Legal Beagles]

The banking industry fully understands the part play it must play in helping the UK's economic recovery.

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[natweststaffmember]

Re: Budget 22 June 2010: British Bankers' Association statement

The BBA said:
"The banking industry fully understands the part it must play in helping the UKs economic recovery. We know this is a difficult Budget for everyone and the banking industry will work to meet its obligations in helping bring the economy back to strength.

"The banks are committed to working with the Government to ensure new bank levies balance tax raising objectives with the need to keep the recovery moving, and for banks to contribute to economic growth through continued support for the wider economy by lending to businesses and individuals.
"The UK is a trading nation and we must ensure bank taxes do not hurt our national interests or provide an unfair advantage for other businesses operating here. This levy is to apply to all major banks and building societies operating in the UK regardless of nationality. We are a large financial centre and a great many jobs are created here as a result. The industry does business globally but pays its taxes in Britain. The UK is not the only country creating some form of bank levy. So bank levies need to be co-ordinated internationally: they must not prevent the industry in the UK from being able to compete. It is essential that the international banks do not find themselves taxed multiple times for the same thing"