Corporation tax U-turn and unlikely cut in banking surcharge fuels concern sector will face new levy of 33%
UK banks are steeling themselves for a windfall tax-by-stealth as the new chancellor, Jeremy Hunt, tries to plug a £40bn hole in the public finances.
City lobbyists are concerned that banks will not be compensated for Hunt’s U-turn on corporation tax, which will now mean the levy rises from 19% to 25% next year.
