Bank levy increase brought forward by government

This morning the government’s plan to phase in a permanent banking levy were altered to bring in the levy in full straight away.

It will bring in an extra £800 million as a one-off and, in the words of the Today program is, “Maybe not of a kick, more of a shove perhaps”.

Although attempts to encourage an increase in bank lending are by no means over, the combination of those slow talks and the paying out of large bank bonuses, has not exactly been winning the banking sector friends in government, even amongst Conservative ministers let alone amongst Liberal Democrats.