UK: Budget plans to target lenders

BRITISH banks would be charged an extra £1 billion (R18bn) a year in corporate tax to help eliminate the budget deficit under plans announced yesterday by the government’s junior coalition partner. The Liberal Democrats said they would push for the measure to be included in the final budget next month. Both the Liberal Democrats and Prime Minister David Cameron’s Conservatives have promised to balance the current budget by 2017/18, but disagree over how to do so. The Conservatives favour reducing government spending and clamping down on tax avoidance. The Liberal Democrats say tax rises should also be included. – Reuters