Critics slam Labour bank levy plans

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Critics slam Labour bank levy plans Show Comments ▼ Share whatsapp KCS-content center_img 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. Monday 18 October 2010 8:49 pm whatsapp More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Tags: NULLlast_img

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