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How much will a new banking tax raise for the UK government?

As we await confirmation as to whether Alistair Darling will be brave enough to introduce a new tax band for those earning in excess of £500,000 a year experts believe such a move could raise less than £1 billion a year. In the overall picture this is a minimal amount and researchers believe it is purely a political play rather than a financial play for the UK government. So what is going on?

The UK government is looking to focus on two issues regarding the banking sector, one, that taxpayers have funded sector and require a return in the short term and two, that the Labour government will tax the rich and a Conservative government would "look after the rich". It is the perception rather than the reality which has the potential to sway voters as we approach the next general election and ultimately this week's pre-budget report will be full of comments regarding the "difference" between the two parties.

The Conservative party will find it difficult not to "fall into traps" set by the Chancellor and will need to be very careful with their reply to any potential tax increases.

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