Newsletter April 2010: Global tax on banks moves closer

A proposal for some kind of tax or levy on the banks will be a key topic for G20 summit meetings this year, in addition to schemes for the resolution of insolvent banks. But there are several, sometimes conflicting tax proposals under consideration. Britain, Germany and France are said to be close to agreeing a global tax that would cost banks billions of euros a year (a European Commission paper suggests that an EU-wide levy would raise up to €50 billion a year). But there are significant differences about how the tax might work, and how the proceeds will be used.