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PPI Claim News - 15/3/2010

Bank Charges: Bank tax will not cut public deficit

Revenue raised from the banking supertax will not be used to pay off the public deficit, new reports suggest.

In his imminent 2010 Budget Speech, the chancellor Alistair Darling is expected to announce that the £2 billion raised from the 50 per cent tax - on bank bonuses of £25,000 or more – will be pumped into further public spending, the Daily Mail reports.

That is despite the advice of his contemporaries who have claimed that the tax increases already announced would be enough to halve the deficit over the course of four years, according to the news provider.

In addition, the public demand for an international bank levy is gathering pace.

The proposed Robin Hood Tax, which would see a 0.05 per cent tax on international banking transactions, now has the support of celebrities, charities, politicians and the general public.

Even the prime minister Gordon Brown last week gave the campaign his backing, suggesting that "a levy on banks seems likely to be the most practical approach" in raising capital for cash-strapped governments around the world.

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