Banking tax could yield UK authorities in excess of £2 billion
When Alistair Darling announced the banking tax on bonuses in the UK banking arena it was estimated this one off charge would raise around £500 million for the UK authorities. However, it is becoming more and more obvious that these figures are way off course and the yield from the tax could top £2 billion.
While UK banking groups have taken very different attitudes towards this one of banking tax charge, and whether it will be passed to employees or paid by the companies, there is no doubt the UK government is set to receive significantly more than initially expected. As we approach the next general election it is also becoming obvious that this move has caught the attention of UK voters who now appear to be returning to the Labour Party in significant numbers. So has Gordon Brown's plan finally worked?
For many years Gordon Brown has remained very close to the UK banking and financial arena although of late, since the UK recession, the government has painted the sector as the devil incarnate. There is no doubt that this has served a purpose and there is also no doubt that whichever UK government is in office after the election, the banking arena and the financial sector will be brought back on board at some point. The UK government needs the banking sector as much as the banking sector needs the UK government!
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