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PPI Claim News - 7/12/2009

Bank Refunds: Chancellor considers windfall tax

Chancellor of the exchequer Alistair Darling is looking into the option of imposing a windfall tax on bankers' bonuses.

The proposal is expected to be included in this week's pre-budget report which will outline the government's plans for the economy on Wednesday.

Many politicians and economists have called for a windfall tax to crack down on the 'bonus culture' in banks which has been accused of encouraging excessive risks.

If applied, the measure would not be a first, with Margaret Thatcher levying a windfall tax on bank profits in 1981.

Darling has refused to rule out such a tax, although it is likely that it could target bonuses rather than bank profits after public anger over the issue.

Last week, it was revealed that the Royal Bank of Scotland is planning to pay out more than £1.5 billion in bonuses to senior staff despite being majority-owned by the taxpayer and having received extensive state financial aid.

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