It turns out the levy originally imposed is going to make more money than predicted... so they're going to cut the tax to make sure it doesn't? All this talk and all these figures thrown about about how bankrupt the United Kingdom is and how massive a deficit we've got to work through, and George Osborne is changing things so that his target isn't exceeded? How in the world is breaching the target a bad thing? Why wouldn't we want the additional £1.4bn in the treasury? This is like an unfit man going to the gym to shape up and then choosing not to exceed the limits of their body and improve.The government is preparing to cut the tax it expects to impose on City banks through George Osborne's £2.5bn a year levy, prompting a furious reaction from tax experts and opposition MPs.After being alerted by leading banks that the proposed levy could raise an unexpectedly high £3.9bn a year, the Treasury is considering cutting the rate of the tax on UK and international banks to ensure the chancellor's £2.5bn target is not breached.
And why should these banks get it so easy, when they're the reason we're in a financial crisis? They should be taxed, and their executives certainly shouldn't be allowed to give themselves the gluttonous bonuses they award themselves. If "we're all in this together", why the hell are the conservatives doing this?
The extra £1.4bn this would bring into the treasury seems great at first, but you have to be aware that it's an awful lot of money to be removing from the economy, especially at this critical time in the country's recovery.
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