Osborne unveils bank tax; Myners warns it will hit competition

George Osborne will announce a bank tax on Tuesday aiming to raise £3bn amid criticism the levy could hit UK competitivenesss.

The tax will be based on banks' balance sheets rather than their earnings, the Sunday Times reports. "I'm going to ask the banks to pay a bank levy so there will be a contribution from them," he told the BBC. "What I'm determined to do is to make sure that the measures are tough but they're also fair." Osborne will also proceed with a plan to levy a capital-gains tax at around 40% on non-business assets and will soften corporation tax when he announces his budget plans. Read more...