The UK's Labour government will temporarily raise the bank surcharge to six percent to help generate more revenue to cover its expanded spending plans, Chancellor John Healey said in his autumn Budget on Wednesday. Haynes Boone Partner Alexandra Ueno-Park spoke with Law360 about the government doubling the surcharge.
Read an excerpt below.
Ueno-Park, a tax partner at Haynes Boone, said that the surcharge provides "much-needed clarity." She added that the banking sector will be wondering if the measure is "truly temporary. Regardless of its intended lifespan, predictability and policy stability are critical considerations for institutions making long-term investment and capital allocation decisions."
Read the full Law360 article here.
