Lamport Bassitt Solicitors - Legal News - Turner backs tax on banks to curb bonuses


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Turner backs tax on banks to curb bonuses The chairman of the Financial Services Authority has spoken out in favour of a new tax on banks designed to curb what he describes as the excessive bonuses. Lord Turner claimed that the City of London had grown beyond a "reasonable size", accounting for too great a proportion of British output and taking away too many of the UK's most promising graduates. Making his remarks in a round-table discussion organised by Prospect magazine, he said that the banking sector should be reduced in size, with taxes being one possible means of achieving this. He said: "If you want to stop excessive pay in a swollen financial sector you have to reduce the size of that sector or apply special taxes to its pre-remuneration profit." Responding to Lord Turner's suggestions, the British Bankers' Association said that the "wrong kind" of regulation or taxes may drive businesses abroad, resulting in job losses in Britain. Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News