More NewsEU to push for tax on banks

EU to push for tax on banks

MIchel Barnier to take centre stage in push for bank levy

Michel Barnier, EU head of internal markets

The EU’s head of internal markets is expected to announce today that all
member states should levy a tax on banks.

Michel Barnier will say, according to the
BBC,
that the proceeds should paid into a fund that would be used in the event of
another financial crisis like the credit crunch.

In partricular Barnier is to suggest that the funds would be used to “unwind
” banks that go into crisis.

Chancellor George Osborne is in favour of a tax but wants more freedom to
decide how the money should be used.

Read more:

EU
wants bankers to stump up levy

IMF’s
bank tax could backfire

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