Basel chief says banking tax is "premature"

The head of the Basel Committee's banking regulatory panel has warned it is too early to hit banks with a global tax.

Nout Wellink said proposals to introduce a global banking tax were " premature."

"I doubt whether this is a good idea. It is born out of frustration. There are strong political motives behind it," Wellink told the FT.

Further reading:

Insurers object to IMF's global tax plan