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Budget 2015: Banks tell Osborne to rethink the banking levy or risk headquarters moving overseas Budget 2015: Banking levy in the spotlight as banks threaten to move headquarters from UK
(1 day later)
George Osborne may have had a bit of a scare when HSBC threatened to move its headquarters from the UK earlier this year.George Osborne may have had a bit of a scare when HSBC threatened to move its headquarters from the UK earlier this year.
Suddenly the idea of banking levy as an easy way to make money of the UK's financial sector looked like it might have backfired.Suddenly the idea of banking levy as an easy way to make money of the UK's financial sector looked like it might have backfired.
Bankers were shocked by a clause in the last budget to raise the banking levy by 50 per cent and change it from a temporary to a permanent measure.Bankers were shocked by a clause in the last budget to raise the banking levy by 50 per cent and change it from a temporary to a permanent measure.
Since the shock HSBC review into whether to move its headquarters overseas was launched in March, the British Bankers’ Association in the UK has been increasing vocal about getting the government to scrap the banking levy. Scrapping it might be a political - and financial - move too far for Osborne, but he could offer up a review of bank taxes as a sop.Since the shock HSBC review into whether to move its headquarters overseas was launched in March, the British Bankers’ Association in the UK has been increasing vocal about getting the government to scrap the banking levy. Scrapping it might be a political - and financial - move too far for Osborne, but he could offer up a review of bank taxes as a sop.
One solution could be for him to change how the levy is calculated, from the global balance sheets of UK banks, to just their UK activities. Banks with big overseas operations, like HSBC, would not be so badly affected.One solution could be for him to change how the levy is calculated, from the global balance sheets of UK banks, to just their UK activities. Banks with big overseas operations, like HSBC, would not be so badly affected.