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Europeans keen for other countries to implement bank tax

Britain, France and Germany have said they intend to discuss their implementation of a tax on banks with the world's biggest economies later this year.

The three nations yesterday (June 22nd 2010) announced their own versions of a levy on the balance sheets of financial institutions and are keen to state the benefits of this action to other members of the Group of 20 (G20).

This weekend, the G20 will meet in Canada and a joint statement from the three European countries said they "look forward to discussing these proposals further with international partners" at the conference.

All three of these nations, as well as the US, have previously urged other members to adopt a tax on banks, but the likes of Russia, India and China all oppose this measure.

When the levy is introduced in the UK from next January, it will charge financial institutions at a rate of 0.04 per cent based on their consolidated balance sheets.

By Asim Shah