Britain's George Osborne, chancellor, is to press ahead with plans for a levy on UK-based banks, in spite of the G20 finance ministers at the weekend scrapping worldwide plans for a banking tax.
Mr Osborne is expected to outline his thinking on a unilateral British bank tax in his Budget on June 22, undeterred by the hostile reaction to the idea from some ministers at the G20 meeting at Busan in South Korea.
The main proponents of a global banking levy – the UK, Germany, France, the US and the International Monetary Fund – were surprised at the degree of hostility from opponents. They had thought an agreement would be possible by the end of the year.
For more: FT.com / UK / Politics & policy - Osborne to go ahead with tax on UK ban
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