Downing Street Says

» Monday, January 18, 2010

Ecomony

Asked when the Treasury would be announcing the date of the Budget, the PMS advised people to check with the Treasury.

Put that Lord Myners had suggested that there might be a UK-wide levy on banks, whereas Alastair Darling had said on Saturday that this was not on the cards, the PMS replied that there was a big difference between what the US had done and what the UK had done.

What Lord Myners had said was that he was convening a meeting later this month that would bring together the IMF, the World Bank and G7 countries to look at the very broad principles. What Alastair Darling had said on Saturday was that we did not need to do what the American authorities had done in relation to the levy as we had a different pay-back option.

The Prime Minister was the first to bring up the possibility of some kind of global levy and that was still under discussion.

Asked if the Government was still considering putting forward with others some kind of global levy, the PMS replied that discussions had been ongoing since the G20 Finance Ministers meeting at St Andrews. In terms of what President Obama was doing in the US, it was not something that we needed to do as our investment in the UK banks was through the shares that we held.

Asked if any progress had been made on the so-called Tobin tax, the PMS said there were a number of international bodies that were interested in it. The Prime Minister felt that he was setting in motion a discussion on the subject in St Andrews. The most important thing was to have a healthy banking system, both domestically and globally and to ensure that we didn’t see the excesses of past years, both in behaviour and remuneration.

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Ecomony

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