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BBA Chief Executive, Angela Knight said:
On the bonus tax
"The Chancellor's comments on bonuses were well trailed and we now await the details.
"This new tax has to be set in the context of commitments already made. The UK's banks have already agreed to observe pay restraints where bonuses are mostly deferred and paid in shares. We are already well ahead of the other G20 countries in doing this.
"Viewed from abroad, London may well look now like a significantly less attractive place to build a business. We must repeat that only concerted international agreements will succeed in reforming remuneration in the financial sector."
On Government support for the banking sector
"The Chancellor was pleased to report that the cost of Government support for the banking sector is now likely to be one-fifth of what was originally forecast. The banks are committed to reducing this figure further, so that the Exchequer will ultimately show a profit."
