Government considering further taxes on banks, says Cable
Vince Cable tells Lib-Dems that banks could be hit with more taxes if they don’t change their culture of excess
Business secretary Vince Cable warned that the government could impose more
taxes on banks if they fail to deal with the excessive bonus culture and
continue to restrict lending.
Following on from deputy prime minister Nick Clegg’s
speech at the Liberal Democrat conference in Liverpool, where Clegg
threatened banks with another bonus tax, Cable said that he and chancellor
George Osborne are looking at ways to curb excessive behavior and increase
lending, and “potentially the use of taxation” could be one method implemented.
Cable is expected to hit out at banks in his speech to the conference today
(22 September) and announce a consultation on executive pay and the role of
directors in takeover battles, reports