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Independent banks that are rivalling the big high street institutions have appealed to the chancellor over the new bank tax, which they say will disproportionately affect their ability to lend to small businesses.

 

A group of challenger banks have asked George Osborne to “level the playing field”  and that they will still attempt to lend more despite the surprising 8 per cent tax surcharge, which will be levied upon banks’ UK profits over £25m from 2016.

Authors: Ben Rabinovich

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