So we have a new bank levy — to be charged on bank assets.
The consequence is obvious: banks want lend. That’s the last thing we wanted. What we actually wanted was a tax on those transactions banks undertake that fuel bonuses and harm the economy, international relations and the stability of democracy itself. Those are the massively speculative transactions which brought banks down — and which continue unabated.
A financial transaction tax — a Robin Hood Tax — could have done that.
This bank levy won’t.
So it’s the wrong tax at the wrong time with the absolutely guaranteed wrong outcome. Apart from that, full marks to George Osborne.
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So apart from the bank tax, you broadly support this Budget Richard?
Surely a Robin Hood Tax is pointless if no-one else introduce’s the same thing? And if so, it’s probably a good idea he’s gone for this instead.
“Full Marks”?
He chose a highly regressive VAT increase over a full CGT restoration or an Income tax increase for upper earners.
So not only are his savings aimed at the worst off in our society, so also are his 20% tax increases.
It’s a tax on bank liabilities Richard, not assets.
“So it’s the wrong tax at the wrong time with the absolutely guaranteed wrong outcome. Apart from that, full marks to George Osborne.”
I cannot believe the comments from Peter and Colman above. Read up on irony before responding to human interaction in future.