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PBR: Cable says levy on bank profits preferable to bonus tax

Shadow Chancellor Vince Cable says there should be a levy on bank profits rather than the Chancellor’s tax on bank bonuses.

Speaking in Parliament after the pre-Budget report speech, Cable said that the Chancellor’s tax would be difficult to enforce.

He said: “How will you stop the banks converting the bonuses into their basic salaries? You need not to try to tax bankers separately from high earners but to have to pay a levy on bank profits because they rely on the taxpayer guarantee.

“They have got to pay for this taxpayer insurance until they have paid back the taxpayer.”

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