Chancellor announces 3% tax rise for banks

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Chancellor John Healey announces an additional levy on the 'Bank Surcharge' of 3% from January for 15 months, following speculation he would raise the tax on banks by up to 8%. He says, "amid the global economic storms, I am looking to our banks to help fund breathing space for British families." Report by Keechl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00Our world-leading banks make a huge contribution to this country in the tax they pay, in the jobs, industry

00:08and investment they support.

00:10As Chancellor, I want to say directly to our banks, I celebrate and I am grateful for the role that

00:17you play.

00:18And amid the global economic storms, I am looking to our banks to help fund breathing space for British families.

00:28And so banks will pay an extra 3% on the bank surcharge.

00:33This will be time limited to pay for immediate support on energy bills, starting in January, ending 15 months later.

00:43I've made my choice at this budget, asking a bit more of our banks to support ordinary people,

00:49raising taxes on gambling to support good growth on every high street.

00:54And so I challenge the leader of the opposition, does she support today our support for British families and British

01:03firms?

01:04And does she back the action we're taking to pay for it?

01:07Amen.

01:09Amen.

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