Bank levy sparks HQ review by Standard Chartered
STANDARD Chartered is keeping under review the option to move its headquarters out of Britain as it faces a hike in the bank levy this year.
Standard Chartered may be forced to relocate out of Britain due to a bank levy
The Asia-focused lender expects the levy – an annual tax on the value of the debts in UK banks – to cost it $540million, an increase of $170million on last year.
Finance director Andy Halford said: “At the moment, it’s something we’re watching, we’re looking at, we’re thinking about.”
At the moment, it’s something we’re watching, we’re looking at, we’re thinking about.
He added: “Clearly the increase in the [bank levy] number this time is pretty significant.”
Standard posted a 22 per cent fall in first-quarter pre-tax profit to $1.47billion as losses from bad loans jumped 80 per cent.