Budget means HSBC and Standard Chartered banks will pay £1bn less in tax
by Jill Treanor City editor from Economics | The Guardian on (#DTX6)
But changes to bank levy and launch of new surcharge will also result in other banks - including Lloyds and RBS - paying more
HSBC and Standard Chartered - two of the UK's biggest international banks - will pay more than 1bn less tax a year as a result of the summer budget, according to estimates from City analysts.
The changes to the bank levy came just weeks after HSBC announced a formal review into whether to keep its headquarters in London or relocate abroad. HSBC had blamed the cost of the bank levy for hitting returns to shareholders.
Related: Biggest banks welcome budget reduction in bank levy
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