This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.

17 November 2009

Creating a banking levy: a fair deal for the taxpayer

John Barrett, Liberal Democrat MP for Edinburgh West, is supporting calls to create a new levy on bank profits at a rate of 10%, with all the revenue raised (estimated next year to be around £2bn) going towards tackling the structural deficit.

Mr. Barrett said:

“One trillion pounds worth of taxpayer support has gone into keeping the British banking industry afloat. 

“We must find a way to split the banks so that the British public no longer props up ‘casino’ banking.

“Meanwhile, it is only right for the taxpayer to get a fair deal for the guarantee that they provide to the banking industry.

“A 10% levy on bank profits would be used to pay down the structural deficit that they are partly responsible for creating. 

“The Government should use next month’s pre budget report to put forward this proposal so that banks recognise the explicit guarantee that they currently enjoy.”

 

Related items

Keywords:
tax and benefits
economy

Click on a keyword to find other pages with the same keyword.

This website was established while I was a Member of Parliament. The site content is being kept online as a source of information, but all forms / email have been disabled.