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BUDGET 2010: Tories bank tax plan would cost thousands of jobs

Going ahead with UK banking regulation without global agreement would cost thousands of UK jobs, according to the Government.

Within the 2010 Budget, chancellor Alistair Darling criticised Conservative plans to ’go it alone’ in regulating the banks and called for international agreement before any rules are set in place.

Last weekend, Tory leader David Cameron said the Conservatives would go ahead with banking regulation reforms with or without international co-operation should he become Prime Minister.

Darling said: “More countries must agree on a systemic tax on banks and it must be brought forward before the end of the year. Improving global banking regulation must be a priority.”

Darling said he would push more action on banking regulation when he visits Washington DC next week. He said: “If we go it alone, like some people are proposing, it would cost thousands of jobs, not just in London but all over the UK.”

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