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UK banks face £5 billion a year profits tax

UK banks are facing a £5 billion a year profits tax as the International Monetary Fund (IMF) joins the chorus of regulatory and financial bodies calling for a tax on banking profits. This is the first time that the IMF has directly recommended a tax on banking profits but there is also a further sting in the tail with the IMF also looking to tax banking bonuses.

This comes just days after Goldman Sachs announced a multibillion dollar bonus package and Royal Bank of Scotland agreed to double the salaries of many of its staff. There is no doubt that the strength of resentment towards the banking industry is growing on a worldwide basis and governments around the world are likely to use this as a way to increase their tax intake.

While many will agree with a banking tax it is easy to forget that the banking industry in the UK and worldwide contributes billions upon billions of pounds to governments around the world in the shape of corporation tax and income tax. Is it really fair to tax the banking industry once, twice and three times?

While the trend towards increasing banking tax may be strengthening are we in danger of putting the very engine room of the worldwide economy at risk of starvation?

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