Top economies are ready to levy tax on banks – Gordon Brown

The world’s leading economies are nearing an agreement to introduce a global bank tax. The deal could be signed at the G20 summit in June, British Prime Minister Gordon Brown told the Financial Times.

The tax would serve as payment against potential future bailouts and possibly help to cover the costs of the 2008 and 2009 bank bailouts

Brown said that after President Barack Obama’s proposal to tax major financial institutions, more countries have shown an interest in the idea of a global bank tax.

Although Brown warned that the tax may be lower than what some expect it to be, the exact amount may prove harder for all countries to agree upon.