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Loan claim: Vince Cable considers bank tax

Business Secretary Vince Cable has warned banks they could face further taxes if they award excessive bonuses to staff.

A bank levy which could raise around £8 billion over four years is already set to come into force next January but Mr Cable has suggested that financial institutions could face further hits to their balance sheets.

During an interview with BBC television, he claimed bankers should not be rewarded with "outrageously" large bonuses while others suffer during the financial crisis.

He said: "If banks are saying to us they have got lots of money to spread out on bonuses and indeed dividend payments at a time when they are constricting credit to small and medium enterprises, then the government may have to use some form of taxation to change their behaviour."

Mr Cable confirmed the government could introduce sanctions and demand greater transparency from firms, in conjunction with taxation, to help regulate the fiancial system.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-800077652-ADNFCR

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