Downing Street Says » Financial Transaction Tax

» Tuesday, November 1, 2011

Financial Transaction Tax

Asked whether the Prime Minister welcomed the Archbishop of Canterbury’s proposals on financial transaction taxes, the PMS said that the Government had a clear position on financial transaction tax, which was that we would support one on a global basis, and that he thought that what the Archbishop was pointing to more generally was public dissatisfaction with what had happened in the financial crisis. Lots of people were very angry about what was allowed to happen in the financial sector. He added that the Government had brought in new rules on bonuses, put in place a levy on the banks and were doing more to strengthen the regulatory system to make sure we didn’t see those problems again.

Asked about reports of a letter in which the Chancellor had expressed doubts about a global financial transaction tax, the PMS said he didn’t think that the Chancellor had said anything in the letter that he hadn’t said in public. He added that there were issues about how you designed a financial transaction tax, as with any tax. Those practical issues would need to be worked through before implementation and Government was committed to working with other countries to do so.

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