Sir George Mathewson, the Former Chairman and Chief Executive of RBS
Media playback is unsupported on your device
Video

Bank levy is 'a negative thing'

Draft legislation for a new levy on bank balance sheets has been published by the government.

The levy will apply to the global balance sheets of UK banks and the UK operations of banks from other countries and will be introduced in January 2011, the Treasury said.

From 2012, it is expected to raise about £2.5bn ($4bn) a year.

Sir George Mathewson, the Former Chairman and Chief Executive of RBS told the BBC the levy is 'a negative thing' for banks.

Go to next video: Osborne: Bank levy to be permanent