The Swiss declaration is not only embarrassing for the Treasury, it also knocks a sizeable hole in public finances as the Office for National Statistics controversially included the £3.2bn levy in May's public accounts. The levy contributed to a narrowing of government borrowing from £15.6bn in May 2012 to £12.7bn.Swiss declaration?
According to the Swiss Bankers Association (SBA), the deal does not apply to most UK nationals who keep their cash in Swiss banks because they are not domiciled in Switzerland.
The SBA said banks would pay the minimum levy agreed with the UK of CHF500m (£347m) after individual banks found only small sums from UK citizens were caught by the deal.
* I have grabbed my coat and am headed doorwards...