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| Version 1 | Version 2 |
|---|---|
| Lord Turner backs new banking tax | Lord Turner backs new banking tax |
| (20 minutes later) | |
| The boss of the UK's financial watchdog has said he backs a new tax on banks as a means to prevent excess bonus payments in the industry. | The boss of the UK's financial watchdog has said he backs a new tax on banks as a means to prevent excess bonus payments in the industry. |
| Lord Turner, the chairman of the Financial Services Authority (FSA), also said much of the activities of the City of London were "socially useless". | Lord Turner, the chairman of the Financial Services Authority (FSA), also said much of the activities of the City of London were "socially useless". |
| The FSA said Lord Turner's comments came in a roundtable discussion, and were "not setting out any new policy". | The FSA said Lord Turner's comments came in a roundtable discussion, and were "not setting out any new policy". |
| The FSA does not have the power to introduce such a tax. | |
| It would instead be a decision for the government. | |
| 'Nice revenue source' | |
| This is not the first time Lord Turner has spoken out against large bonuses in the banking sector. | This is not the first time Lord Turner has spoken out against large bonuses in the banking sector. |
| He said back in June that the FSA did have "concerns" about executive pay. | He said back in June that the FSA did have "concerns" about executive pay. |
| Lord Turner told Prospect that a tax on financial transactions in the City would cut banks' profits, and thereby reduce the funds available for bonuses. | Lord Turner told Prospect that a tax on financial transactions in the City would cut banks' profits, and thereby reduce the funds available for bonuses. |
| He said such a tax would be "a nice sensible revenue source for funding global public goods". | |
| The FSA was formed in 1997, and is tasked with regulating the UK's financial services sector. |