UK Treasury, financial sector slam Turner's "Tobin tax" comment

Adair Turner, chairman of the UK Financial Services Authority, raised concerns and sparked the ire of the financial industry and the Treasury with his comments that a global tax might be needed to rein in excessive bankers' bonuses. Turner also said promoting London as a financial centre should not be the goal of the FSA, but UK law says the agency must "have regard" to maintaining the competitive position of the country in the financial-services industry.

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