IMF wants the worldwide banking industry to pay
The International Monetary Fund (IMF) has today supported calls for an international bank tax, otherwise known as a "Tobin tax". While on the face of it this may seem like an opportunistic move by the IMF, there may be grounds for this particular idea when you consider the billions upon billions of pounds which the IMF has paid out over the last two years to support industries and economies which have been flattened by the recession.
As we know, while there has been government influence with regards to the worldwide economic downturn, many governments around the world have laid the blame fairly and squarely at the door of the worldwide banking industry. While this in itself is a debatable fact, as governments ultimately control the flow of credit into economies, there is no doubt that the IMF (via its many contributors) has paid out enormous amounts of money to various rescue plans.
If even a small percentage of the proposed changes to the worldwide banking sector actually reach the regulatory stage then the worldwide banking industry we will see tomorrow will be very different to the worldwide banking industry we see today. However, reining in the power of the worldwide banking sector will not happen overnight and no doubt we will see various legal challenges in the weeks, months and years ahead. This is a battle which could go on for many years to come
Share this..
Related stories
Mortgage lending below boom level, according to CML
13/12/2013 The Council of Mortgage Lenders (CML) has said that mortgage lending was higher than expected in 2013, but is not yet at the level witnessed in the housing boom. Lending did dip slightly month-on-month in November, but was still up by a sizable 30% when compared to the same month a year ago. The gross lending figure for mortgages was £17bn in November, down from £17.6bn in Octob...
Read MoreSterling falls to 2 month low against the dollar
The UK currency is again under pressure after revised gross domestic product figures fell short of economist's expectations within 0.2% contraction in the UK economy in the third quarter against expectations of a 0.1% reduction. While the consensus opinion is that the UK will move out of recession in the final quarter of 2009 there is concern at the sluggish performance of the economy over the las...
Read MoreCadbury issues stinging rebuke to Kraft Foods bid
Roger Carr, chairman of Cadbury, has this evening delivered a stinging rebuke to the US conglomerate Kraft Foods which has informally offered £7.45 per share for the UK chocolate maker. Cadbury believes that absorbing the company into Kraft Foods "low growth, conglomerate business" is not a sensible move for Cadbury shareholders and dismissed the offer outright.
However, while the...
US backlash over freed Lockerbie bomber
There is a growing backlash against the Scottish government after the announcement that the Lockerbie bomb was free to go home to Libya on compassionate grounds. The Scottish Executive was effectively forced into a corner with allegations that the UK government had already "done a deal" with the Libyan authorities for the return of the bomber.
However, despite taking to the current...
RDR ‘could deal Blow to Savings’
Tory MP, Howard Flight, has spoken out against the Retail Distribution Review which is planned to come into effect at the start of 2013. It is his view that it could have a damaging effect on savers within the UK, reducing the availability of financial advice. He also added that this would have a detrimental effect on the economy, by obstructing savings needed to pull the nation out of recessio...
Read More