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Osborne backs EU wide plan for bank levy
Thursday, 27, May 2010


George Osborne has welcomed plans for a Europe-wide tax on banks that would ensure the bill for any future banking failure would not be footed by the taxpayer.However, the Chancellor warned that the multi-billion-pound pot created should not lead to banks taking extra risks in the belief it was a rescue fund, saying the Government would insist on the freedom to use proceeds in Britain as it wished.

Speaking after talks at No 11 with Timothy Geithner, the US Treasury Secretary, Osborne said: “The Conservative Party made an argument in the recent General Election that the UK should have a bank levy.“We are glad to see elsewhere in Europe others agree and we are clear the purpose of that bank levy is to raise money that can help; it will be used for general expenditure purposes.”He added: “We will be setting the design of that levy going forward, but the IMF has created a good framework for how a bank levy might look.”
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