An exclusive roundtable discussion led by FSA chief Adair Turner about global financial regulations in this month’s edition of Prospect (out today), in which the head of Britain’s top banking watchdog supports the idea of new global taxes on financial transactions, has been making headlines around the world. Non-subscribers can read the first 1,000 words as a special preview on our website—and follow the story as it develops in the media around the world.
In Turner’s first major interview since the future of the FSA was put in doubt by Conservative plans to break it up, his warning that a “swollen” financial sector paying excessive salaries has grown too big for society ran as the lead business story on the Today Programme. Turner, who also comes out in favour of a Tobin tax on financial transactions, and argues that excessive bonuses are a symptom, not a cause, of the ill health of the financial services industry, was discussing the future of the city with a distinguished group including John Gieve (former deputy governor of the Bank of England), Gillian Tett, assistant editor of the Financial Times, Jonathan Ford, commentary editor of Reuters and an associate editor of Prospect, and Paul Woolley, a senior fellow at LSE.
In print and online, the Financial Times featured the interview as their lead story, claiming the “FSA backs global tax on transactions,” while the Guardian ran with: “Financial Services Authority chairman backs tax on ‘socially useless’ banks.” The Times went with “FSA chairman Lord Turner says City too big”, and BBC news ran with “Support for tax to curb bonuses.”
Elsewhere online, the New Statesman followed suit, leading with their news section with “FSA head supports new banking tax.” And across the pond The New York Times covered the exclusive with “British Regulator Backs Higher Taxes on Financial Sector.”