Brown must pursue practical measures to deal with banks

2.38.00pm GMT Sat 7th Nov 2009

Commenting on Gordon Brown's statement regarding the possible introduction of a tax on financial transactions or a 'Tobin tax' at the G20 Summit, Liberal Democrat Shadow Chancellor, Vince Cable said:

"A Tobin tax is a good idea, but it has been a good idea for decades and governments haven't yet found a way of putting it into practice.

"It would be a much better use of the short period of time Gordon Brown has left in office to introduce practical measures such as a government levy on banks which are too big to fail for being underwritten by the taxpayer.

"This is something Gordon Brown can make happen. It would produce government revenue and compensate the British taxpayer for the risks the banks have run until they can be broken up."