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Bank tax must go ahead

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Bank tax must go ahead, say Merkel and Sarkozy

German Chancellor Angela Merkel and French President Nicolas Sarkozy have renewed calls for a global bank levy and a financial transaction tax.

The two leaders said they would call for the measures in a joint letter to the president of the G20 ahead of a summit later this month.

G20 finance ministers had distanced themselves from bank taxes at a meeting earlier this month.

A bank tax would protect taxpayers from having to bail-out banks in the future.

Proceeds from the taxes would go into a fund that could be accessed during any future financial crises.

A number of countries have been calling for taxes on banks since governments spent billions of dollars bailing out banks across the world following the financial crisis that began in 2008.

However, so far there has been no agreement.

read the full story on bbc.co.uk

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