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French bank charges 'could benefit the UK'

The introduction of new bank charges in France could ultimately benefit the UK, prime minister David Cameron has suggested.

French president Nicolas Sarkozy has pledged to introduce a Financial Transactions Tax (FTT) if he is re-elected in May, as he aims to stimulate growth in the country's economy, the Associated Press reports.

However, Mr Cameron believes that taking such a stance without the support of the rest of the EU is "mad".

He also stated that any French bankers that want to avoid the levy could move their business to Britain.

"If France goes for it, then the door will be open to many more banks from France, and we would welcome them to the UK," he was quoted as saying.

Mr Cameron has come under fire from a number of angles in the past week over his reluctance to block a potential bonus payment of nearly £1 million that was offered to Royal Bank of Scotland leader Stephen Hester. Mr Hester turned down the perks yesterday (January 30th).

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801279686-ADNFCR

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