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April 1, 2010

International bank levy criticised

by Richard Kilner

Story link: International bank levy criticised

Mark Littlewood, IEA Director General, has responded to the proposed international bank levy suggested by France and Germany.

Littlewood has argued that only with a recognition of the important role that finance channelled into the private sector plays will a private sector recovery occur in the UK.

He went on to state his opposition to an international bank levy, and expressed his dismay at Conservative suggestions that the UK should take a lead on the matter.

Littlewood argued that what matters to fuelling a recovery is not a stimulus but a culture of thriving commerce, which is directly at odds with mooted taxes such as the Tobin tax or bank levy.

As the election, thought to be planned for 6 May, draws ever nearer the worlds of business and politics are increasingly overlapping.

The Conservatives have proposed a bank levy, with Labour preferring a potential Tobin tax, and on National Insurance the Conservatives have pledged not to go ahead with the planned rise so that it would affect only those earning £45,400 or more.

Under Labour’s plans everyone earning £20,000 or more would pay more, but the Conservatives today received a boost from 23 top businessmen who backed their position regarding the proposed tax hike, the BBC has reported.

 

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