Critics slam Labour bank levy plans

first_img Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Monday 18 October 2010 8:49 pm ALAN Johnson’s plan to raise at least £3.5bn by clobbering the banks with another levy was roundly dismissed yesterday, with critics claiming it was unworkable and could encourage firms to quit the UK. In his first major speech as shadow chancellor, Johnson welcomed the coalition’s plan for a £2.5bn levy on banks, but said they should make an even “greater contribution”. He added: “In terms of scale, the £3.5bn bill from Alistair Darling’s bonus tax was absorbed with ease last year. In a time of rising profits they should be asked to maintain that scale of contribution alongside the existing levy proposal.”The Institute of Directors (IoD) hit out at the plans, insisting they would force banks to consider relocating overseas. “The chances of banking business disappearing overseas would increase significantly if the bank levy was increased by another £3.5bn,” a spokesperson for the IoD said.Mark Littlewood, director general of the Institute of Economic Affairs, also warned that “bankers, stockbrokers and hedge fund managers will continue to leave London if the tax burden becomes uncompetitive”.The Tories were quick to point out that the bonus tax implemented by Darling was only ever meant to be a “one-off” measure. They also claimed Johnson recently said a second levy would need international agreement, something which would be hard to achieve. Tags: NULL whatsappcenter_img Critics slam Labour bank levy plans Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo Show Comments ▼ KCS-content Sharelast_img

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