Acevo chief calls for 50 per cent tax on banker bonuses1

Finance | Gareth Jones | 4 Jan 2011

Sir Stephen Bubb has called for banker's bonuses to be taxed in order to fund the Big Society Bank.

Speaking to The Times, the newly-knighted Acevo chief executive argued that with bonuses estimated at a total of £7bn this year, a 50 per cent tax would “start the new Bank off with a sensible amount to re-capitalise the sector”.

He said: “The £500m in cash reductions we've seen so far in the voluntary sector are merely the first signs of a gathering tsunami of ill-considered cuts which threatens to decimate the third sector, wreaking havoc on our communities.

“If some local councils continue with this Neanderthal approach to cuts, we will be setting a timebomb of social need, which first the most vulnerable in society and then ultimately taxpayers will pay for.”

Acevo is now seeking a meeting with the chancellor George Osborne and chief secretary to the treasury Danny Alexander to discuss the proposal, as well as Nick Clegg, who has previously called for a cap on bonuses.

Writing in his blog, Sir Stephen added that he would be asking for the support of the CEOs of the major banking firms, and said: “I'm sure we can persuade the British Bankers Association to support us on this. I shall be contacting [the association’s chief executive] Angela Knight to discuss this.”

Directory: Association of Chief Executives of Voluntary Organisations (ACEVO)
Who's Who: Sir Stephen Bubb

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Stolen
4 Jan 2011

Disagree on principle. So what about your bonus?

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