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UK, France and Germany to tax banks

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UK, France and Germany to tax banks

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Britain’s George Osborne was the first to actually do it, but all three of Europe’s largest economies are moving to get their bailout money back from the big banks.

In a joint statement Berlin, Paris and London said financial institutions should make “a fair and substantial contribution” to reimbursing governments for the help they got following the global economic crisis.

Germany, France and Britain are coordinating their banking levies and will ask other countries to join them.

However that may be difficult as there are splits within the G20 group of leading nations; the US supports the European position, but others such as Canada and Australia oppose it.