The U.K. is looking to bring in an additional £800 million ($1.289 million) this year by imposing the full levy it had planned for 2012. The accelerated tax is aimed at helping the U.K. reduce its budget deficit, according to George Osborne, the U.K. finance minister, but also calling the extra amount the banks will pay a “fair contribution” to cover potential risks they pose to the financial system. HM Treasury had originally expected to raise £1.7 billion ($2.74 billion) but now eyes £2.5 billion ($4.03 billion).

Click here to read the story from Reuters.