The Institute for Public Policy Research has published a new hard-hitting report that outlines how the UK financial sector can afford to pay £20 billion in additional taxes.
The financial sector has rapidly returned to high levels of profit and bonuses, estimated to be in the region of £90 billion by 2011. On average banking is 26 times more profitable than other industries.
Taxes on the financial sector would be 'progressive' - falling more on the richest in society. This is in sharp contrast to a rise in VAT, widely predicted to be included in this month’s Budget, which is a 'regressive' measure that will hit the poorest hardest.
You can download the report below.
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