No windfall tax planned for banks

No windfall tax planned for banks

Chancellor's trusted economic adviser and treasury minister, Ed Balls, rules out feared tax grab

The government has no desire to hit banks with a windfall tax, according to
Gordon Brown’s right-hand man.

Economic secretary to the Treasury Bank, Ed Balls, said profits are viewed as
essential to allowing the industry to grow and flourish, and rejected plans to
implement price-setting, which would limit profits.

His comments to the British Bankers’ Association helped allay fears in the
banking industry that a windfall tax would be placed on banks.

The possibility of a windfall tax has been feared ever since Don
Cruickshank’s 2000 report into banks found that they made ‘super-normal’
profits.

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