As part of swingeing cuts and austerity measures, UK Chancellor George Osborne today got tough on banks, saying he would "extract the maximum sustainable tax revenues from financial services" while introducing sorely needed predictability into that new tax regime.

As part of his UK Comprehensive Spending Review, Osborne gave further details of the tax he intends to levy on banks' balance sheets. In the June emergency budget, Osborne said the tax would raise £8.35bn over four years. Today he said it planned to raise at least as much as the one-off supertax on bonuses - which raised £2.3bn on a net basis - each and every year, once it is fully implemented. He will present the new legislation to Parliament tomorrow.