UK bank losses to hit taxpayers - Financial Times

UK bank losses to hit taxpayers - Financial Times

By Peter Thal Larsen in London and James Politi in Wa****ngton

Published: May 11 2008 22:03 | Last updated: May 11 2008 22:03

Losses suffered by Britain's largest banks as a result of the global
credit
turmoil will add further pressure on the public finances by cutting the
amount of cor****ation tax paid by the financial services industry.

Figures compiled by the Financial Times show that the £10bn of writedowns
unveiled in recent weeks by Royal Bank of Scotland, HBOS and Lloyds TSB
will
knock more than £2.5bn off the three banks' combined tax bills. Though
some
of the losses will be booked outside the UK, the majority is expected to
come at the expense of British taxpayers.


http://www.ft.com/cms/s/97f5b2b4-1f99-11dd-9216-000077b07658,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F97f5b2b4-1f99-11dd-9216-000077b07658.html%3Fnclick_check%3D1&_i_referer=http%3A%2F%2Fwww.ft.com%2Fhome%2Fuk&nclick_check=1

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