US Bail-Out Tax Could Hit British Banks

[rebbonk]

Barack Obama's proposed new tax to recoup money spent on bailing out American financial institutions could cost UK banks more than £900m a year, Sky sources have learned.

The US president defiantly said he wants to get back all of the £430bn spent on the country's Troubled Asset Relief Programme during the downturn.

Describing bank bonuses as "obscene" Mr Obama said US banks will cover a predicted £72bn shortfall in the government's financial crisis bail-out fund with a new tax.

But the planned levy would hit any bank that has a strong US presence.

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