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IMF report confirms the Liberal Democrat position says Cable

April 20, 2010 8:32 PM
Originally published by UK Liberal Democrats

Commenting on the IMF's recommendations that banks and financial institutions should pay a bank levy and a further tax on profits and pay, Vince Cable said:

"The IMF's report confirms what the Liberal Democrats have long been arguing - that a banking levy should be introduced.

"Many of the banks are still unwilling to acknowledge the massive debt they owe the taxpayer and that they are still underwritten by our money.

"The Liberal Democrats understand that the old way of banking simply cannot continue and this is a view shared by the IMF.

"If we are to create a stable banking system, we must ensure that taxpayers are not expected to underwrite the risks of reckless casino banking, and that pay and bonuses within banks do not reward irresponsible behaviour."