Calamity Grayling opposes Cameron’s unilateral bank tax

Calamity Chris Grayling has condemned the principle behind his own leader's new banking policy.

Calamity Chris Grayling has condemned the principle behind his own leader’s new banking policy.

Asked a question about financial transaction taxes, at a candidates’ debate in his Epsom and Ewell constituency, Grayling said:

“It’s a principle that no-one could oppose but the devil is always in the detail. And I think it needs a lot of work.

“First of all, the one thing there is absolutely no point on earth is any one country doing this unilaterally, because otherwise all the banking transactions will simply move to another one.”

Watch it:

Earlier today, David Cameron announced that a Conservative government would impose a unilateral tax on banks. Mr Cameron said:

“So I can announce today that a Conservative government will introduce a new bank levy to pay back taxpayers for the support they gave and to protect them in the future.

UPDATE 15.47:

For the benefit of the commenters who seem to have missed the point of this story, it is the principle behind Grayling’s remarks (hence the use of that word) which put him at odds with Cameron’s policy. Of course, a financial transaction tax and Cameron’s unilateral bank tax are separate policies but the same principle applies. If – as Grayling believes – you can’t behave unilaterally for one policy aimed at the financial sector, you can’t for the other either.

UPDATE 17.19

It seems that commenters are unable to follow our comments policy. We’ve suspended comments as a result.

On the topic in question, Chris Cook has tweeted about Philip Hammond’s reservations in January of taking unilateral action on Newsnight.

34 Responses to “Calamity Grayling opposes Cameron’s unilateral bank tax”

  1. House Of Twits

    RT @leftfootfwd VIDEO: Calamity Chris Grayling opposes principle behind Cameron's unilateral bank tax

  2. Malcolm Evison

    RT @leftfootfwd: VIDEO: Calamity Chris Grayling opposes principle behind Cameron's unilateral bank tax

  3. Joanna

    Um, but he is talking about a transactions tax (as proposed by Gordon Brown), which the tories have ruled out. what they are proposing is a tax on banks’ balance sheets.

    so nice try, but another miss I’m afraid

  4. Joanna

    ps I’m sure you know the difference between a transactions tax and a tax on banks balance sheets, so can only conclude this is a deliberate act of mischief. not very evidence based…

  5. Little Angussie

    Another blatant piece of dissembling from Will Straw whose does not know his left foot from his arse or elbow!

    This is a common tactic by the New labour henchmen who dont know the truth even though it jumps up and hits them on the head. Joanna in a previous point, accurately points out that Grayling was talking about a transaction tax proposed by the Fat Controller, the unelected and unwanted Gorgon Brown – which the Tories have sensibly ruled out because we all know that everything Brown touches or proposes turns to sh*t.

    Chris Grayling was talking about the Conservative proposal which is a tax on the bank balance sheet.

    This is New labour’s ruse – they deliberately keep talking about “the deficit” – and not what in reality is DEBT

    “investment” is GOVERNMENT SPENDING (overspend in the case of this useless Government)

    “Union Training Fund” – money laundering in effect – give it to Unite and other unions to help “training” which they in return give back to labour. In effect – our tax £’s are being used by the Government as funding for the labour party.


    Unions should be treated like other businesses in the private sector – if you want to train your members – pay for it yourself!

    How any serious reporter like Straw above, can publish sh*te like this for no other effect than to smear and distort a sensible and popular Conservative proposal, just about sums up the filth and corruption that is at the heart and soul of new Labour. SHAME ON YOU!

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