Bank of England Chancellor George Osborne’s raised rates for levies in the 2015 Budget for Britain had forced many UK banks, including those of the Big Four, to consider moving their operations from the United Kingdom.
According to British Bankers Association Chief Anthony Browne, many citizens are suffering from layoffs because of the levies.
Higher fines for PPI, forex and libor scandals have also dented bank profits. These are justified as these have incurred losses of billions of pounds for international and local companies.
Meanwhile, the £800 million fine collected will be used for constructing a memorial for UK citizens who had died from terrorist attacks and other UK government general spending.
Osborne had attached his political reputation to the charge. It had also represented the single, biggest revenue increase of the March budget, which proves to be a vital source of funds.
Meanwhile, PPI has reached an immense amount with a £28 billion total for recompense.