Emergency Budget: Bank levy will raise £2bn

About £2bn will be raised via a new banking levy charged to large banks,
Chancellor George Osborne has announced in his budget speech.

Osborne said the levy reflects the role banks play in the economy.

He said there will be deductions available for tier 1 capital and for retail
loans. He said the move was supported by French and German governments.

Smaller banks will be exempt from the policy and the measure is expected to
raise £2bn.

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