Tuesday, 8 February 2011

Bank Levy

I am pleased that the Coalition Government's new bank taxation system, announced today, will generate an ongoing income, rather than the one-off £2.3 billion that Labour had apparently planned to impose.

Not only does that provide a regular additional income for the Treasury, of at least £2.5 billion every year (and probably more), it is also something for which any business can easily plan, as with any other tax, duty or whatever paid on a regular basis.

Mind you, in an attempt to sound more plausible, Labour have today been claiming that some of them wanted their levy to be for two consecutive years, but were in effect vetoed by Gordon Brown and Alistair Darling who both said "it wouldn't work". Yeah, right!

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