IMF proposes two big new bank taxes to fund bail-outs

The BBC has learned that financial institutions and banks face paying two new taxes in an attempt to make them more accountable for the costs of future financial and economic rescue packages. The plan is more radical than initially anticipated and includes an initial flat-rate levy, plus an additional tax on profits and pay. The finance ministers of the G20 nations will be discussing the proposals this weekend. The chancellor Alistair Darling said the IMF's proposals were "important" and should be welcomed.

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