Conservative party would adopt US-style bank taxes

23 March 2010

The UK's Conservative party would introduce new levies on banks similar to those being adopted by the authorities in the US if they are victorious in the forthcoming general election, the party has stated.

Tory leader David Cameron made the announcement in a speech in South London.

Although further details of the proposals have yet to be unveiled, the politician stated that the banking industry is one of the “vested interests” the party would tackle if they take power in the summer election.

Mr Cameron said: “In America, President Obama has said he will get taxpayers back every cent they put in. Why should it be any different here?

“So I can announce today that a Conservative government will introduce a new bank levy to pay back taxpayers for the support they gave and to protect them in the future.

He added that although the levy may not be popular with bankers in the City, he deemed it “fair and necessary” for the electorate.

The UK’s government are expected to announce support for a global levy to be introduced on banks, but only as part of an international agreement.

Chancellor of the exchequer Alistair Darling is expected to make the comments when he announces details of the forthcoming budget later this week.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development