June 21 (Reuters) – British Finance Minister George Osborne will unveil plans for an extra tax on banks to pay for bailouts on Tuesday as part of a budget expected to be the most austere in 30 years.
He has said the tax will be introduced regardless of whether other countries follow suit. The following is the state of play of plans elsewhere in the world to shield taxpayers from having to shore up banks again.
If Britain adopted a tax similar to the one touted in the United States, it would raise 3.5 billion to 5 billion pounds ($5.19 billion to $7.42 billion), analysts have estimated.
GROUP OF 20
The International Monetary Fund will present its final report on a possible bank tax to G20 leaders in Toronto this week but the group’s finance ministers agreed earlier this month not to pursue a uniform bank levy due to opposition from Canada, Brazil and Japan.
Instead, the G20 — whose members also include the United States, France, Germany and Britain — will agree the principle that banks should pay for their own bailouts in future, leaving the method up to each country.