September 17, 2021

The UK bank levy risks tarring banks as toxic

first_img whatsapp Share Show Comments ▼ whatsapp KCS-content The UK bank levy risks tarring banks as toxic Monday 4 October 2010 9:02 pm THE Treasury’s consultation on the introduction of a UK bank levy closes today. Draft legislation will be published in the autumn for further comment and the final draft will be published towards the end of the year. The levy will be introduced from 1 January 2011. As that hurried timetable suggests, the consultation is concerned only with working out the finest of details, rather than providing an opportunity to challenge the advisability of the levy itself.The Treasury consultation document is clear on what the bank levy is not intended to be: it is not a fund for future bailouts. Instead, the UK’s bank levy has two stated purposes: firstly, “to encourage banks to move away from riskier funding”; and secondly, to tax large banks for being a lasting danger to the economy. The first is presented with little argument, while the second is alarming.The consultation response by the Institute of Directors (IoD) addresses the first rationale in detail. As the IoD points out, in principle pricing risky behaviour to account for its costs is preferable to a ban. But we cannot assume the levy will achieve this. An effective levy in this sense might require an internationally uncompetitive and therefore impractical rate. The IoD concludes: “full computations of appropriate levels, linked to the costs that need to be priced in, should be published for public scrutiny”. Without data, this claim lacks substance.We are left with only one real justification for the levy. In the consultation document’s own words: “It is fair and it is right that banks should make an appropriate contribution, which reflects the many risks they generate.” The banking industry understands that it has to reform itself and win back the public’s trust: many City representatives met yesterday at Mansion House to discuss this very problem. Can it really be helpful as part of that process to have the government expressly target banks as a hazardous, costly presence in the UK?Note too the slippery nature of that word “appropriate”. Many were pleased that George Osborne did not set the UK levy far higher. But there is no guarantee that it will stay where it is. Ed Miliband has implied he would like to see it higher still. The Liberal Democrats wanted it higher as well. Osborne will not always be chancellor.This levy is an uncompetitive policy that has more to do with feeding public resentment than with preventing another crisis. In leaving the banks at the mercy of future political calculations, it has the potential to help create one instead. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Tags: NULL last_img read more

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Penn National Gaming reveals new-look exec management team

first_img Regions: US Topics: Casino & games People Strategy Casino & games 4th December 2019 | By contenteditor Penn National Gaming reveals new-look exec management team Penn National Gaming has made a number of changes to its executive management team to coincide with the transition of Jay Snowden to the role of chief executive next month.center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Penn National Gaming has made a number of changes to its executive management team to coincide with the transition of Jay Snowden to the role of chief executive next month.Snowden will take up his new position on January 1, following the retirement of PNG’s current CEO Timothy Wilmott.In preparation for the move, Penn National has promoted Todd George to executive vice president for operations and also changed Chris Rogers’ job title to senior vice president, chief strategy officer.George has been with the operator since October 2012, first serving as vice president and general manager of Hollywood Casino in Lawrenceburg, Indiana, before going on to become vice president and general manager of Hollywood Casino St. Louis. In 2017, George was promoted to his current position as senior vice president of regional operations, overseeing nine properties in Penn National’s Midwest region.In his new role, George will be responsible for the operator’s four senior vice presidents of regional operations, as well as marketing and information technology.Rogers joined Penn National in August 2013 as vice president, deputy general counsel, serving in the role until February of this year when he was promoted to senior vice president, corporate development.Moving into the newly created role of senior vice president, chief strategy officer, Rogers will lead the team in developing and pursuing strategic growth initiatives.Read the full story on iGB North America. Subscribe to the iGaming newsletter Email Addresslast_img read more

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