Is Alistair Darling set to push for a global banking tax?
Rumours abound in Westminster that Alistair Darling will use his forthcoming budget as a means to advocate a global banking tax, the proceeds of which would be used to pay off government deficits around the world. This is a somewhat controversial subject which has attracted criticism from many parties and with Alistair Darling said to be against an insurance scheme to cover further bailouts it is easy to see why many people are sceptical.
If the UK government is in favour of a global banking tax then surely the proceeds of this should be used to shore up the banking system?
However, Alistair Darling is said to be against an insurance type scheme simply because he believes this would give worldwide banking institutions a fallback and possibly encourage them to take undue risk. In other words, a global banking tax is effectively a tax on consumers by any other name and consumers and businesses around the world have realised this.
There is no doubt that the cost of living in the UK and around the world is set to increase significantly over the next few years as many governments look to replenish their funds and rebalance their finances.
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