Chancellor George Osborne has written to banks telling them the government will not support the European Commission’s proposal for the Financial Transaction Tax (FTT) due to a lack of support a
G20
G20 leaders failed to agree on a new bank tax at a summit this week in Canada, leaving it up to individual countries to make their own arrangements.
The International Monetary Fund has put forward proposals for two separate new taxes on banks to avoid public money being spent on future bank bailouts.
Support is building for a global bank tax and a deal could be agreed at the G20 in June, said Gordon Brown this week.
1
The G20 ended on a tougher note than expected last week, as prime minister Gordon Brown declared that the recession was far from over, and world leaders remained committed to maintaining financial
World leaders were close to agreeing on a new system to prevent a return to unbalanced economic growth.
A severe clampdown on bankers’ pay should be reinforced with the threat of sanctions, warned ministers from the European Union at this week’s G20 summit.
World leaders have agreed to issue sanctions against tax havens that do not transfer information on request.
