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Bank Claims: New tax 'unfair'

A new tax has been proposed by the European Commission, aimed at ensuring the banking sector contributes to stimulating economic growth and repays towards the cost of the financial crisis.

However, the Investment Management Association (IMA), whose members are responsible for over £3.9 trillion of assets, is concerned that the current proposals will disrupt the market.

Commenting on the announcement, Julie Patterson, director at the IMA, said: "We agree with the Commission's statements that if such a tax is introduced it is important to avoid distortions and to create incentives for the financial sector to make long-term investments."

But Ms Patterson is worried the legislation will create a distortion in the market unless the European Commission consults with the financial sector.

Many people are struggling with the high cost of living in the wake of the banking collapse, leading UK business secretary Vince Cable to recently call for banking reform.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-800743429-ADNFCR



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