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Will the UK be the biggest loser from a banking tax?

As the IMF joins forces with a number of other authorities around the world to demand a worldwide banking tax, there is speculation that the potential £5 billion which could be taken from the UK market could harm the long term competitiveness of London. So is London potentially the biggest loser from a worldwide banking tax?

There is no doubt that London has been one of the more competitive financial markets in the world for some time due in the main to a flexible self-regulation system which has until recently served the sector very well. However, while there is obviously a need to tighten regulations in the short to medium term to curtail the power of UK banks there is also a need to ensure this does not affect the long-term competitiveness of London compared to the worldwide market.

The UK government is currently leading the bandwagon against the banking sector with the likes of the European Union and the IMF also on board and likely to try and gain as much income as possible. Hopefully we should see a balancing of this particular predicament because ultimately the future of the London financial market, the engine room of the UK economy, is at stake.

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