Furthermore, the BBA has expressed concern over his apparent lack of clarity when it comes to non-domiciled individuals.
Darling said that non-doms living in the country for over seven years would have to pay "a reasonable charge to maintain the right to be taxed differently from other UK residents", however gave no indication of the rate at which this charge would be levied.
The Chancellor did go on to stress that no further changes would be brought in during the rest of this Labour Parliament, or the next.
In response to this, the BBA said: "We are concerned to see that the non-dom proposals remained in the Chancellor’s Budget and would have preferred the government to take a step back and submit its entire package of proposals for detailed consultation, as we remain concerned that the effect of the levy could be damaging to UK competitiveness.
"We recognise the current difficult economic outlook requires tight spending control but we also need a taxation regime which encourages, attracts and retains business and enterprise.
"The detail is of vital importance and we now need to look carefully behind these measures to understand the overall impact on the UK's banking and financial services industry which contributes £100 billion to GDP every year."
