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Bank surcharge tax set for cut as chancellor fears City competitiveness
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fnlondon.comBanks will get a reprieve in Jeremy Hunt's upcoming Autumn Statement as the chancellor looks set to cut the so-called surcharge tax on the sector.
The future of the surcharge, introduced in 2016 as an additional levy on excess profits on the sector after receiving taxpayer support through the financial crisis, has been uncertain for many months, as the government looks to balance growth in the City with the need to generate revenue in a tough economic climate.
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