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.
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34 Responses to “Calamity Grayling opposes Cameron’s unilateral bank tax”
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!
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
Chris Paul
RT @wdjstraw: There was no deception see the update http://bit.ly/cJERCc RT @SamuelCoates: Fraser Nelson says it's easy for misleading b …
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.
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.