Thursday, 24 September 2009

Letter to The Guardian (not published)

Dear Sir,

Lord Turner is right, the very large profits made by trading banks are "a legitimate matter of social interest rather than an entirely private matter." It is astonishing that it takes a City establishment figure rather than a Labour government to talk about the elephant in the room. Perhaps Lord Turner might go even further with his next intervention into the debate and say that as the banking sector caused the economic crisis and associated recession and was bailed out at huge cost by the taxpayer, it ought to repay this generosity through higher levels of corporate tax (voluntarily or otherwise) as its profits increase. The alternative is what we are now witnessing - ordinary people and public sector services being expected to pay for the errors of the one remaining sector of the economy that is immune from the harsh realities of market capitalism.

Yours faithfully,

John Slinger

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