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Lord Turner backs new banking tax Lord Turner backs new banking tax
(10 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.The FSA does not have the power to introduce such a tax.
It would instead be a decision for the government.It would instead be a decision for the government.
No-one from the Treasury was immediately available for comment.
'Nice revenue source''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".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.The FSA was formed in 1997, and is tasked with regulating the UK's financial services sector.