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Bankers' bonuses to escape windfall tax

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Alistair Darling will this week rule out a windfall tax on bankers' bonuses, betting instead that a recovery in the City will bring in the revenue he needs to repair Britain's battered public finances. Public outrage at proposed bonuses for bankers at State-controlled Royal Bank of Scotland has heaped pressure on the Chancellor to curb excess by levying a one-off tax in his Pre-Budget Report on Wednesday.

 

But he wants to leave the City free to rebuild profits and quickly return to the days when it paid vast amounts into the Treasury's coffers. At its peak, the City paid £12.2 billion a year in corporation tax. This year that will be down to £4 billion.

 

Read more:

 

http://www.dailymail.co.uk/money/article-1233505/Bankers-bonuses-escape-windfall-tax.html#ixzz0Ytr5Y3Rh


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