Bank Levy rate increase announced

The rate will be increased so that the Levy will raise the target yield of £2½bn for the first year. This is £800million more than was expected, painful certainly but not enough to make it worth relocating and this would be the result of over taxation. A fine balance is needed and initially this looks to be bearable .

These same Banks pay hundreds of millions of pounds into the Inland Revenue's coffers yearly, so destablising the entire industry is not something the Government would be looking to achieve through trying to balance UK Limited's books as soon as possible. 

The coalition certainly seems to be in a hurry though which is worrying many economists as they push through many job cuts throughout the public sector

With Egypt simmering away in the background though, these markets can be very fickle and reverse at the drop of a hat but every dip sees more buyers willing to take the risk as far as equitites are concerned.