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’