Vince Cable (Lib Dem Shadow Chancellor) and Terry Smith (from Tullet Prebon, a City broker) appeared on the Today show this morning, talking about US President Obama’s plans to tax US banks. Obama’s plan is not the same as a the financial transaction taxes that RESULTS is advocating, but it has some important similarities. Under the proposals, the banks will pay a ‘financial crisis responsibility fee’ on money they have borrowed from the US taxpayer. You can read the details on it here.
You can listen to Cable and Smith on the program here, with the relevant section at 7:51.
RESULTS is pleased that these issues continue to be discussed and are entering into the public consciousness. It’s vitally important that we continue to press for long term and sustainable ways to rebuild the social contract between banks and society: Financial Transaction Taxes are an excellent mechanism for this.