Gaffe Prone Tory Chris grayling has ridiculed his boss David Cameron’s flagship plan for a new tax on banks. The Tory leader yesterday unveiled his idea for a US style levy on banks to claw back billions spent bailing out the City even if other countries don’t adopt it. It was an attempt to grab headlines ahead of Wednesday’s budget when Chancellor Alistair Darling will back a global banking tax.
Meanwhile, Shadow Home Secretary Mr Grayling sided with Labour Minister and Financial experts by warning a banking tax would not work unless it was adopted globally.” There is no point in country doing this unilaterally because banking transactions will move elsewhere.”
Treasury Minister Lord Myers said;”a Tax on bankers needs to be international. The Tories ‘tax will encourage a banking exit from the Uk.raising borrowing costs, damaging competitiveness and costing thousands of jobs.