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Congleton Liberal DemocratsCampaigning all year round for the people of Congleton, Holmes Chapel, Alsager, Middlewich, Sandbach and surrounding areas. |
Bank Levy - Letter to the Congleton Chronicle
December 1, 2009 8:10 PM
Dear Sir,
I fully support our Shadow Chancellor, Vince Cable's recent proposal of a 10% levy on bank profits until they are broken up. This would raise about £2 billion next year that would go into tackling our huge deficit. The banks would by this measure help to remedy a situation for which they are partly responsible.
The banks have benefited from receiving an equivalent of £1 trillion of taxpayers' money since the start of our economic crisis. Some would no longer exist if it were not for this subsidy. In addition, the taxpayer acts as a safety net in case of further failure. It is only fair that in return they give up some of their enormous profits. Although this proposal would not directly affect the huge bonuses that some executives still receive, it would reduce the pot from which the money for them comes.
The tax is unlikely to affect their lending to businesses and future homeowners that requires separate action. It would be a temporary measure of about 5 years duration while the Government splits the banks into their high street and more risky activities. The Chancellor could take measures along these lines during next month's pre-budget report.
Yours sincerely,
Dr Peter Hirst
Liberal Democrat Parliamentary Spokesperson for Congleton
Rushton Drive,
Middlewich
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