There are a couple of obvious options available to the chancellor
HSBC subsequently said, not long afterwards, that it would be retaining its global headquarters in the UK.has happened and a number of EU countries have intensified efforts to persuade international banks to base more of their operations and jobs outside the UK and in cities like Paris and Amsterdam.Accordingly, the banks have lobbied to get the surcharge removed or scrapped.
That was less problematic when Bank Rate was just 0.1%, as it was until December last year, but now it is increasing - the current rate of 2.25% is expected to increase to at least 3% at the Monetary Policy Committee's next meeting - the cost is rising.In a paper written for the Institute for Fiscal Studies, published on Friday last week, Sir Paul suggested the Bank consider introducing what he called"tiered remuneration for reserves balances".
"Taking current market expectations for a substantial rise in Bank Rate together with the Bank's current published plans for unwinding QE, the implied savings would be between around £30bn and £45bn over each of the next two financial years. Andrew Bailey, the Bank's governor, has argued in favour of the current arrangement because it enables changes in Bank Rate to be transmitted to the broader economy.
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