INSURANCE AND BANKING, CLEARLY EXPLAINED.
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Chancellor John Healey confirmed that the bank corporation tax surcharge will increase from 3% to 6% for 15 months starting in January. According to The Guardian Money, the temporary measure will generate an estimated £1.5bn extra for the Treasury over the period. While market speculation had previously suggested the levy could rise to 8%, bank shares rose following the budget announcement.
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The Guardian Money — read the original source ↗A source-based explanation, with attribution to the original material. Our standards and corrections policy. Not financial advice.