Page last updated at 05:23 GMT, Thursday, 27 August 2009 06:23 UK

Lord Turner backs new banking tax

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The boss of the UK's financial watchdog has said he backs a new tax on banks as a means to prevent excess bonus payments in the industry.

Lord Turner, chairman of the Financial Services Authority (FSA), told Prospect magazine much of the activities of the City of London were "socially useless".

The FSA said Lord Turner's comments came in a roundtable discussion, and were "not setting out any new policy".

John Moylan reports.

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