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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/government-climbdown-on-bank-levy.jpg"><img class="alignnone size-full" title="The Treasury has been accused of 'burying' details of the banking levy" src="http://londonglossy.com/wp-content/uploads/2010/12/min-government-climbdown-on-bank-levy.jpg" alt="The Treasury has been accused of 'burying' details of the banking levy"/></a></p>
<p>Labour has accused the Government of a &#8220;climbdown&#8221;, saying it had handed UK banks liable for the banking new levy a £20 billion tax break.</p>
<p>Shadow Treasury minister Chris Leslie said the coalition had relaxed the details of its proposed banking levy so banks did not have to pay tax on the first £20 billion on their balance sheets.</p>
<p>Because of the changes, the Treasury will collect only £2.5 billion a year rather than the estimated £3.5 billion it could have raised under the original plans set out in last June&#8217;s budget, Mr Leslie said.</p>
<p>He accused the Treasury of &#8220;burying&#8221; the fact it will raise less money on page 73 of its draft Finance Bill.</p>
<p>The Government said that as part of the Bill it had upped the rate of its planned tax on Britain&#8217;s banks. The rate will increase from an initially proposed 0.04% to 0.05% in its first year from January 1 2011 and up from 0.07% to 0.075% in subsequent years.</p>
<p>The bank levy, which will apply to the global balance sheets of UK banks and the British operations of foreign firms, is designed to repair some of the damage caused by banks in the financial crisis.</p>
<p>But Mr Leslie told the Commons the Government will raise far less than first thought through the levy.</p>
<p>During questions to Commons Leader Sir George Young, he said: &#8220;On the day when they (the Government) are telling the university teaching profession and students that cuts are unavoidable, isn&#8217;t it a scandal that they are climbing down on the banking levy.&#8221;</p>
<p>Sir George replied that the Government went further with the legislation than the previous Labour Government planned. He replied: &#8220;The Government is not climbing down on the banking levy. The Chancellor of the Exchequer has made it absolutely clear he wants to extract the maximum possible resources from the banks and the amount we are going to collect is a lot more than the previous government planned.&#8221;</p>
<p>Speaking outside the Commons, Mr Leslie accused the Government of giving in to the banks&#8217; demands. He said: &#8220;The Government has relaxed the rules so the banks don&#8217;t have to pay as much as they would have done. The banks have been telling the Chancellor they are very worried about things so the Chancellor is saying he will go easy on them. They are going to get away with the change but it&#8217;s a massive amount of money.&#8221;</p>
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