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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/bank-profits-tax-to-be-permanent.jpg"><img class="alignnone size-full" title="George Osborne is making the levy on bank profits permanent" src="http://londonglossy.com/wp-content/uploads/2011/02/min-bank-profits-tax-to-be-permanent.jpg" alt="George Osborne is making the levy on bank profits permanent"/></a></p>
<p>Chancellor George Osborne has announced that he was making the levy on bank profits permanent, raising an extra £800 million this year and £2.5 billion every year.</p>
<p>He said he wanted to make sure &#8220;banks make a fair contribution to closing the deficit&#8221;.</p>
<p>But Mr Osborne, speaking on the BBC Radio 4 Today programme, conceded he had not yet struck a deal on limiting bankers&#8217; bonuses &#8211; saying he hoped that making the tax position plain would aid the prospects of a deal.</p>
<p>Mr Osborne denied his move was politically motivated, saying: &#8220;No, it&#8217;s economics and the need to make sure the banks make a fair contribution to closing the budget deficit.</p>
<p>&#8220;The measure we have just announced means there&#8217;s an extra £800 million coming in to the Treasury this year. What I have announced is a permanent tax on banks, every year banks contributing £2.5 billion net.&#8221;</p>
<p>He continued: &#8220;I&#8217;m still confident we can secure a deal with the banks on seeing an increase in lending to small businesses and see that bonuses are lower this year than last year.&#8221;</p>
<p>The Chancellor said he was originally going to phase the levy in, but banks were in a healthier position than had been thought.</p>
<p>&#8220;We can move more quickly to the full rate and that&#8217;s exactly what I have just announced,&#8221; he said.</p>
<p>The Chancellor continued: &#8220;The banks themselves understand they need to make a fair contribution to the economic recovery. The rate (of the levy) was going up at the beginning of March and I also wanted on the table what we are going to do on tax&#8221; before continuing further talks with banks.&#8221;</p>
<p>Asked about people&#8217;s anger over bankers&#8217; bonuses, Mr Osborne replied: &#8220;I totally understand that anger and I share some of their frustration. It would have been better if, when we were bailing the banks out, we had secured something from the banks in return. Unfortunately I was not Chancellor at the time.&#8221;</p>
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