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”
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.
Old Holborn
Yes, quick, delete it
then tomorrow you can report that chocolate rations are to be increased
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?
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.
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.