Usually at this time, I'd be watching futurama, family guy or good old fashioned Louis Theroux, yet suddenly an article caught my attention. Reading respectable news sources on the Internet I encountered the article: "George Osborne shelves bank tax plan". I was thinking to myself 'Why on earth are you shelving this?!?' For sure the economy is deep in recession, for sure there has been a rise in unemployment and for sure Cameron's idea of 'the big society' is in tatters to some extent, yet I don't seem to understand why Gorgeous George shelves an idea that can reduce the deficit. In Yesterdays blog, I highlighted the issue surrounding Barclays and their £113 Million corporation tax and laughed at how a banking company had the cheap to dodge a 27% tax even when it recorded £4.6 billion in profits.
The chancellor has instead introduced a £2.5bn-a-year bank levy which is harder to avoid.He said banks would pay "more tax, less bonuses and lend more this year than they otherwise would have done".
Whatever you say George........ To be honest, I find it hard to believe that this bank levy will pressure banks into 'paying more tax and less bonuses"
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