LONDON: The Liberal Democrats plan to hit the UK banking industry with an additional £1bn tax bill, which will help eliminate the country’s deficit.
The supplementary charge will be in addition to the existing bank levy, which is on track to raise £8bn in this parliament, said Danny Alexander, the Liberal Democrat chief secretary to the Treasury.
The annual levy on banks, which was introduced in 2010, currently brings in around £2.5bn a year. Mr Alexander’s proposals are expected to take that up to £3.5bn a year.
The latest raid on the financial sector forms part of the party’s economic blueprint for the next parliament.
The Lib Dems will push for the measure to be included in the budget later this month. If resisted by the Conservatives, then the proposal will be in the party’s manifesto for the general election in May.
