HSBC is likely to be the UK bank hardest hit by a hike in the country’s bank levy, announced today by Chancellor of the Exchequer George Osborne in his 2012 Budget speech.

The levy will increase from 0.088% to 0.105% from January 1, 2013. Osborne said this was to ensure that the bank levy raises £2.5bn each year, and to offset any benefits the banks would receive from the reduction in corporation tax also announced today.