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 //cli.gs/sMhYu

  2. Malcolm Evison

    RT @leftfootfwd: VIDEO: Calamity Chris Grayling opposes principle behind Cameron's unilateral bank tax //cli.gs/sMhYu

  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.

    THIS IS SHEER CORRUPTION AND MORE WILL BE HEARD OF THIS IN THIS ELECTION CAMPAIGN.

    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!

  6. Anna

    The question referred to the Robin Hood Tax not the Bank levy Cameron announced today – didn’t you understand that!

  7. Carla

    This is really desperate stuff even from you!

  8. roger

    Will, can you tell us the total amount of taxpayers money that has been passed to the unions by this government under the gueises of the modernisation and learning funds whilst defence budget have been cut and our soldiers lifes are put at risk?

  9. Will Straw

    There was no deception see the update //bit.ly/cJERCc RT @SamuelCoates: Fraser Nelson says it's easy for misleading blogs to be exposed

  10. Richard Wood

    RT @leftfootfwd: Calamity Grayling opposes Cameron's unilateral bank tax //cli.gs/sMhYu

  11. Rupert Read

    Thanks for the Update, Will, but sorry, I don’t buy it. International currency transactions are highly-internationally-mobile. Banks themselves aren’t nearly so mobile.
    The Green Party supports a Tobin Tax, but only if it can be brought in by international agreement. Whereas it is absolutely clear that a basic bank tax could be brought in unilaterally, and should be (except that the banks should be properly nationalised or remutualised, such that actually it wouldn’t be necessary.)
    I think that you might have to back down on this one, my friend!

  12. Old Holborn

    “How any serious reporter like Straw above, can publish sh*te like this ”

    1. He isn’t a serious reporter
    2. Ask a the union who fund this blog

    Hope this helps

  13. Chris Paul

    RT @wdjstraw: There was no deception see the update //bit.ly/cJERCc RT @SamuelCoates: Fraser Nelson says it's easy for misleading b …

  14. YMT

    So which unions gives this blog all its cash then? would be fascinating to find out how it links to people in the cabinet via proxy.

  15. peter f

    Er, wouldn’t you be better off Will just apologising for completely misunderstanding Grayling’s remarks in relation to Cameron’s idea. Come on, own up, apologise and be a man. Your mealy-mouthed footnote does you no favours.

  16. Matt

    I think this is one of those blog posts which might be better off quietly disappearing overnight, left behind only in the Google cache for a future thesis on “The days when blogs pushed it too far.” Rapid deletion might avoid the author the ignominy of appearing as a footnote in that particular work.

  17. Old Holborn

    Yes, quick, delete it

    then tomorrow you can report that chocolate rations are to be increased

  18. Little Angussie

    @ Old Holborn

    I realise that the Straw Man is not a serious reporter and after reading his weasel words in his update, I fully endorse your comments above.

    Just another Quisling in thrall to the New Labour Politburo – how can anyone take seriously a blogger taking his orders from Brown Balls Darling?

  19. Jon Rosenberg

    “If – as Grayling believes – you can’t behave unilaterally for one policy aimed at the financial sector, you can’t for the other either.”
    Umm… of course you can, depending on the policy. To suggest otherwise is arrant nonsense, vis. British corporation tax being different to that of France, or Germany, or the US.
    I’m sure Mr Straw that you’re not suggesting that Gordon Brown and now Alistair Darling had to get manifold international agreement any time they tinkered with the tax system. I know that Gordon loves his G20 summits but he’d need to be at them non-stop to act in accordance to the daft logic inherent in your latest update.

  20. mongoose

    re update 15:47
    What exactly is the principle you are talking about?
    That local jurisdictions cannot apply taxes on banks?
    Rubbish. It’s not a Tobin tax that Cameron proposes.

  21. Costello

    How long before this lying blogpost is taken down?

  22. les

    nice try Will but you failed – again !!

  23. John77

    Will, YOU have missed the point. Chris Grayling was opposing a transaction tax which will not work unless every banking jurisdiction in the world signs up to it a an uniform rate as otherwise all transactions will be routed through a country with a zero (or lowest) rate and the Cayman Islanders will all become as rich as Bob Diamond thanks to reciving the whole world’s baking transactions taxed at 0.0001% on practical grounds.
    David Cameron’s proposed levy, on the other hand, cannot be dodged unless the bank gives up it UK banking licence so it can be collected at any rate up to 100% of UK-originated profits of that bank plus the synergistic benefits to its worldwide network of having a subsidiary or branch in the world’s leading banking centre.
    Secondly Chris Grayling did NOT attack the principle of David Cameron’s proposal – he acted the PR Spin and/or futility of the suggested “Tobin tax”.
    Wikipedia says you read PPE so it is mildly disappointing that you don’t grasp the point that, for tax purposes, banks can locate transactions wherever they have a branch or subsidiary or even associate; it is more disappointing that your comprehension of English does not stretch to recognising that your quote “It’s a principle that no-one could oppose” says that Chris Grayling does NOT oppose the “principle” of taxing banks.
    Tobin’s idea was not to raise money but to stop banks wasting time and money chasing tiny fractions of a percent in speculative forex trading – that was a good aim but everyone who has looked at it seriously has concluded that it cannot be made in the real world

  24. John77

    Sorry: that should read “he attacked the PR Spin” not “he acted”
    Also “banking” not “baking” – although the idea of turning the Cayman Islands into the world’s largest bakery does have its attractions

  25. Old Holborn

    It seems that commenters are unable to follow our comments policy. We’ve suspended comments as a result.<<ROFFLE //bit.ly/92RmzH

  26. Craig

    @liammurray basically @wdjstraw wrote utter tripe , comments reflected this so comments closed //bit.ly/9djwtf

  27. uberVU - social comments

    Social comments and analytics for this post…

    This post was mentioned on Twitter by leftfootfwd: VIDEO: Calamity Chris Grayling opposes principle behind Cameron’s unilateral bank tax //cli.gs/sMhYu

  28. How Safe Is Online Credit Card Application? | All About Credit Cards

    […] Calamity Grayling opposes Cameron’s unilateral bank tax | Left Foot Forward […]

  29. Benny Austwick

    LeftFootForward stop allowing comments on WIll Straw's blog of lies. //bit.ly/cJERCc

  30. James Doran

    RT @leftfootfwd: Calamity Grayling opposes Cameron's unilateral bank tax //bit.ly/cJERCc

  31. The MC Guffin – Richmond Music Scene » Blog Archive » Black Entrepreneurs in Richmond face new challenges

    […] Calamity Grayling opposes Cameron's unilateral bank tax | Left … […]

  32. Knocking down a Straw man « Though Cowards Flinch

    […] I thought I might say a word or so about the weekend’s assault by the right-wing blogosphere on Will Straw at Left Foot Forward not just because it’s unjustified, but also because I think the way it has played out has been […]

  33. Vertical jump? | Best Vertical Jump Tips

    […] Calamity Grayling opposes Cameron's unilateral bank tax | Left … […]

  34. Calamity Grayling misuses the stats (again) | Left Foot Forward

    […] Calamity Grayling opposes Cameron’s unilateral bank tax 20 Mar […]

Comments are closed.