New tax on banks

Tax raid on banks planned by ministers – Telegraph.

Crikey – that was quick – Polly argued for this in the Guardian – I’ve argued for it, often and now the Telegraph says it’s going to happen.

Sounds like a Pre-Budget Report warm up to me

And I am quite convinced it is the right thing to do. Banks have to repay society. Banks are liquid now – using government money. If they need new capital they should raise it, not save it. And HMG needs the tax – plus to cost of doing business for banks has to increase.

Go for it, I say.