Osborne's private letter to banks shows why he hasn't put financial transactions tax on the agenda - Chris Leslie

2 November 2011

Chris Leslie

Chris Leslie MP, Labour’s Shadow Treasury Minister, said in response to a private letter from George Osborne to the banks on the financial transactions tax: 

"For all his warm words in public about backing an international financial transactions tax, we now know the Chancellor is giving the banks nods and winks in private that he wouldn't support one - even if it is agreed internationally. 

"This revelation explains why George Osborne has failed to put this issue on the international agenda in the last 18 months and why he won't be pushing for it at this week's G20 summit.

"We support a financial transactions tax, but if it is to work and safeguard jobs in Britain it must be implemented with the widest possible international agreement including major financial centres like New York. That means showing real leadership on the world stage and in the G20 which this out of touch Government has conspicuously refused to do."