Tags: Britain | Gordon | Brown | Global | Bank | Tax

Britain's Brown Hails Global Bank Tax

Monday, 05 Apr 2010 09:35 AM

 

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British Prime Minister Gordon Brown said the world's large economies were close to agreeing a global tax on banks to help prevent another financial crisis, the Financial Times reported on Monday.

The report said Brown played down expectations of a deal at the next Group of 20 meeting in June but that he wanted an accord struck at the G-20 summit in Seoul in November, along with capital rules to reinforce banks against a future crisis

Brown said the scene was set for a "global responsibility levy." He said Britain, France and Germany were now broadly agreed on the need for a levy and that he hoped the United States would come on board.

"Britain, France and Germany have talked about what we can do together. We are agreed on the need for a common basis," he said. "The relationship between banks and society has to change."

The newspaper said Brown declined to say how much the tax might raise from British banks but cited the annual 1.2 billion euros ($1.6 billion) envisaged by Germany for its banks and the 10 billion dollars planned for the United States levy as examples.

Last week, German Chancellor Angela Merkel said after meeting Brown that they had agreed to work toward a coordinated European Union approach on a bank levy and push G-20 nations for a global stance on the issue.

The International Monetary Fund is expected to present proposals to G-20 finance ministers in Washington later in April that would be designed to make banks contribute toward bailouts.

© 2014 Thomson/Reuters. All rights reserved.

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