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Sunday 06th of June 2010

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June 3, 2010

Barroso backs bank levy

by Richard Kilner

Story link: Barroso backs bank levy

European Commission president José Barroso has called for a new tax on banks.

Barroso stated that he wanted sound financial institutions, and that he was supportive of a tax either on profits or financial transactions.

His comments come shortly before a G20 summit, and will add to the EU-driven pressure for more taxation of the banking sector.

Last month Internal Market and Services Commissioner Michel Barnier expressed his backing for a bank levy.

The call for a levy was sharply criticised by CBI DG Richard Lambert, who stated that such a move would damage competitiveness if implemented in Europe but not elsewhere.

Lambert also argued that the United Kingdom would be disproportionately affected, due to our large financial sector.

The idea of an international bank levy also met with disapproval from Mark Littlewood, IEA Director General, who in April expressed dismay at Conservative backing for the proposal prior to the election.


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