Pathetic bank levy when banks have had £19bn tax loss subsidy

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Draft legislation for the new bank levy has been published.

£2.5 bn a year is the best estimate of what it will raise.

I agree with my friend David Hillman, spokesman for the Robin Hood Tax campaign, who said:

"Having received over a trillion in public bailout money, the banks can afford to pay an extra £20bn a year which could protect the poorest at home and abroad."

To put it another way, this is a pathetic cop out.

Remember the banks have had a £19bn state subsidy through tax losses we paid for. And this is all they’re being asked to pay in return.

And then you wonder why some are angry enough to protest? I’m not.