Mortgage News
Spending Review: Banks ‘appallingly regulated’ under Labour
Chancellor George Osborne has criticised the regulation of banks under Labour and outlined plans to introduce a permanent annual levy.
Describing how the industry was “appallingly regulated” over the last decade, he underlined the coalition government’s intention to ensure remuneration is adequately taxed.
He said: “We neither want to let off banks from making their contribution nor drive them abroad.”
While more details of the permanent levy will be announced tomorrow, Osborne confirmed it would raise more than the one-off tax on bonuses introduced by the Labour government last year.
The Chancellor also signalled his intention to get all the banks to sign the code of conduct unveiled by the Labour government, which only four out of the 15 had signed so far.
He added: “We want banks to pay not just by the letter of the law but also the spirit.”
Episode 4: New Build: Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries