Category Archives: Banking

Banks are staying put in Britain, despite what the City analysts say

Mega-banks unlikely to flee abroad after taxpayer bailouts – and there are questions over whether Singapore and China would be capable of hosting them

Every time George Osborne announces a minor upwards tweak to the bank levy, a section of the City reacts as if the chancellor has declared an ambition to drive the money-changers out of London’s financial temple.

Nigel Wilson, chief executive of insurer Legal & General, took up the cudgels at the weekend. Osborne is “repeatedly going back to the well to extract funds through a bank levy, a move which ultimately risks forcing banks to relocate outside the UK”, he said.

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