Osborne's bank levy take is likely to miss £2.5bn target

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Osborne tweaked the rate of the levy from 0.075% to 0.088% in his Autumn Statement because the banks had already reduced the size of their balance sheets faster than expected. That was meant to ensure the levy still raised £2.5 billion.

But if other banks like RBS and Lloyds have also cut the "risk-weighted assets" on which the levy is charged the Treasury's take will be less than planned.

The levy replaced former chancellor Alistair Darling's one-off bankers bonus tax, which raised £3.5 billion.