Socialism!?! Tory leader David Cameron says tories to follow Obamas bank tax plan:

David Cameron has said the Conservatives would impose a tax on banks to repay the billions used to bail out financial institutions, claiming it is “fair and necessary”.

The opposition leader has not disclosed details of the proposal, but said such a levy was vital to repay taxpayers and protect them from future collapses.

US President Barack Obama has already put forward plans for a similar scheme and Sweden has introduced a levy. However, City minister Lord Myners said the announcement was “ill thought-out” and could force bankers to leave Britain.

Mr Cameron admitted his announcement may not prove popular in the City, adding: “We had the biggest bank bail-out in the world. We can’t just carry on as if nothing happened.

“In America, President Obama has said he will get taxpayers back every cent they put in. Why should it be any different here?

“So I can announce today that a Conservative government will introduce a new bank levy to pay back taxpayers for the support they gave and to protect them in the future.

“No, it won’t be popular in every part of the City. But I believe it’s fair and it’s necessary.”

timesonline.co.uk