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UK banks set to swallow bonus tax

As momentum starts to build for a banking bonus tax around Europe, and possibly around the world, it has been revealed that a number of UK banks will take the tax hit themselves, rather than pass this on to staff. It is believed a number of loopholes have been investigated but rather than go head-to-head with the UK authorities the majority of UK banks appear set to retreat and accept "defeat".

This is a situation which has been ongoing for some time now with the UK banking sector in particular a target for European and UK regulators. Only today we saw the UK government suggest that funds from a banking tax should be used to replenish the climate change fund, a fund which was promised some time ago by the European Union. So what next?

Pressure has been building on the UK banking sector for some time and inevitably it seems that the larger companies who dominate the UK will ultimately pay the price. However, historically the banking sector has a very long memory and the UK government will need to be very careful with regards to future manoeuvres because ultimately it will need the support of the UK banking sector to revitalise the UK economy. The UK government may have won this particular battle but it has far from won the war!

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