UK may impose taxes on banks
Source: Agencies |
May 24, 2010, Monday
|
Print Edition
Print Edition
BRITAIN'S coalition government is mulling introducing taxes on banks, possibly worth as much as 8 billion pounds (US$11.50 billion), according to a report in the Independent on Sunday newspaper.
The newspaper, quoting sources and officials, said the measures could be introduced unilaterally in the Conservative-Liberal Democrat coalition's first budget on June 22 as part of plans to rein in a record budget deficit.
The G20 group of developed and emerging economies is due to discuss proposals for bank taxes next month, but the Conservatives have said they could be prepared to go it alone.
Finance Minister George Osborne will today announce how government departments will make 6 billion pounds of savings this year as a signal of what is to come to bring down borrowing.
Osborne is then expected to outline the scale of further cuts needed in his first budget, ahead of a detailed spending review later in the year. Tax rises, such as a possible hike in VAT sales tax, are also expected in the budget.
The Sunday Telegraph said the Queen's Speech next week will put deficit cut and economic growth on top of its policy list.
The newspaper, quoting sources and officials, said the measures could be introduced unilaterally in the Conservative-Liberal Democrat coalition's first budget on June 22 as part of plans to rein in a record budget deficit.
The G20 group of developed and emerging economies is due to discuss proposals for bank taxes next month, but the Conservatives have said they could be prepared to go it alone.
Finance Minister George Osborne will today announce how government departments will make 6 billion pounds of savings this year as a signal of what is to come to bring down borrowing.
Osborne is then expected to outline the scale of further cuts needed in his first budget, ahead of a detailed spending review later in the year. Tax rises, such as a possible hike in VAT sales tax, are also expected in the budget.
The Sunday Telegraph said the Queen's Speech next week will put deficit cut and economic growth on top of its policy list.
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