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Could a global banking tax save Gordon Brown?

It seems that each and every day sees a new supporter of the proposed worldwide banking tax, otherwise known as the "Tobin tax" or the "Robin Hood tax", but will this new tax actually make it onto the statute books?

While there is still great resistance from the UK banking arena, and the worldwide banking arena, if we see another economic downturn around the world in the short term it is likely the pressure will grow and governments could have the opportunity to force through change. Many people also believe that introduction of a new banking levy around the world could actually save Gordon Brown's career and push him forward as the "international statesman" he so wants to be.

Figures released yesterday indicate a worldwide banking levy could raise upwards of £250 billion a year although quite how this would be spent and who would be in control remains to be seen. If the ongoing push for the introduction of a new levy is not successful in the short term there is a chance it could fade away, at least for the moment, and the banking arena would breathe a massive sigh of relief.

Whether or not it is fair to introduce yet another tax on the banking arena is a matter which is very much open to debate!

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