![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/fury-at-18-billion-giveaway-as-taxes-slashed-for-big-banks-on-day-of-misery/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/0_Autumn-statement-2022-2.jpg&description=Jeremy Hunt faces calls to reverse his decision - buried in the small print of his Autumn Statement - to cut the Bank Surcharge from 8% to 3% following calls from the banking sectorAutumn Statement: Key announcements from Jeremy HuntTories have been blasted for an £18 billion "giveaway" to big banks buried in the small print of Jeremy Hunt's Autumn Statement. The government's growth plan, published today, saw the Bank Surcharge drop from 8% to just 3% from April next year. Today the Lib Dems called for the government to reverse the move, along with a cut to the Bank Levy, to fund a scheme to support mortgage-payers facing rising bills. Next year the two bank taxes will raise a combined £2.5 billion - down from £4.7billion in 2016-17 – a cut of 56%. This means banks operating in the UK will pay £18billion less in these taxes over the next five years, the party said. The banking sector had called for the surcharge on profits - brought in to reflect the taxpayer funding bailouts banks received following the 2008 financial crisis - to be slashed. Jeremy Hunt is congratulated by Tory colleagues after delivering his Autumn Statement ( PA) It argued a rise in corporation tax which comes into effect next year meant they could not compete with international rivals. Lloyds Banking Group and NatWest saw shares rise by about 1.5%, lifting them towards the top of the FTSE 100, after the Treasury confirmed the tax on banks' profits would be cut from April. Lib Dem leader Ed Davey MP said:'After all his u-turns, the one thing Rishi Sunak seems determined to press ahead with is cutting taxes for the big banks. "He's got his priorities completely wrong and he is totally out of touch with the British people. 'The Conservatives are handing out £18 billion in unfair and unnecessary tax cuts for the big banks, while raising taxes on struggling families and pensioners and leaving millions to pay a Conservative Property Penalty on their mortgage bills. It's just not right. 'I urge Jeremy){kind=link}
Jeremy Hunt faces calls to reverse his decision – buried in the small print of his Autumn Statement – to cut the Bank Surcharge from 8% to 3% following calls from the banking sector
Tories have been blasted for an £18 billion “giveaway” to big banks buried in the small print of Jeremy Hunt’s Autumn Statement.
The government’s growth plan, published today, saw the Bank Surcharge drop from 8% to just 3% from April next year.
Today the Lib Dems called for the government to reverse the move, along with a cut to the Bank Levy, to fund a scheme to support mortgage-payers facing rising bills.
Next year the two bank taxes will raise a combined £2.5 billion – down from £4.7billion in 2016-17 â a cut of 56%.