Budget 2015: Not all bad news for banks, says KPMG

Budget 2015: Not all bad news for banks, says KPMG

Dan Thomas, UK Head of Retail Banking says there was some good news for banks in the Chancellor's speech

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Dan Thomas, UK Head of Retail Banking, said:

"While the overall impact of the Budget measures was negative for banks, there was some good news.

"In particular, the new personal savings allowance which will see 17m savers no longer paying tax will considerably ease the administrative burden for banks and building societies.

"This represents a form of payback for firms which have invested heavily in their back-office systems and will help to reduce friction in the system.

"Also, the new Help to Buy ISA for first-time buyers will help mortgage providers get closer to their customers much earlier in the house-buying process than before.

"Taken together, both these measures will help to attract more deposits among banks' more important customer types - savers and first-time buyers."



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Chancellor’s Budget 2015


About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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