Now that the probable next PM of the UK is in agreement with the current regime, it should be a lot easier to bring others onboard as well. The bankers are all screaming though for the rest, questions still remain if this is even enough. After all, everyone saved them from crashing on the rocks which enabled them to hand out massive bonuses. If nothing else, it's a start.
Both David Cameron and Alistair Darling expressed support for Barack Obama's proposals to force banks to pay into a fund that would provide compensation in the event of the failure of a financial institution.
Cameron said at the World Economic Forum summit at Davos that he thought a so-called Tobin tax was unworkable because of a lack of international support, but said he would back an insurance levy if he became prime minister in this spring's election. "We would work for a new international levy on banks – one of the ideas being considered by the IMF – to protect the taxpayer from footing the bill for banking crises," the Conservative leader said.
The chancellor said he was working with the US on a permanent insurance levy, an idea the Treasury believes will win more support than a Tobin tax. "We are keen to work on a plan on this with other countries," Darling added.
