The proposed tax surcharge materially increases the impact on building societies such as Nationwide. The bank levy was designed to gain recompense from banks for the damage they caused to the economy during the financial crisis and the new bank surcharge is intended to raise more money from the banks, making the system more sustainable, stable and fair. The proposals in the summer Budget to introduce the surcharge represent a missed opportunity to recognise the difference and contribution that mutuals have made compared with banks.