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U.S. markets recover from steep losses
LONDON, Jan. 26 (UPI) -- Bank of England Gov. Mervyn King said Tuesday he does not favor assessing a so-called Tobin Tax on bank transactions.
While King said he did not favor the tax on transactions named after 1981 Nobel laureate James Tobin, he said he does back limiting the size of banks. He also said the salaries of bankers should be in line with other professionals, such as lawyers and doctors, the London Evening Standard reported Tuesday.
King said U.S. President Barack Obama, who has denounced huge bank bonuses and proposed limiting high-risk ventures by commercial banks, had created an opening for reforms necessary for the financial industry.
"The only way in which we can really sustain a large international financial center in London ... is if we can make sure it doesn't impose a prospective burden on the U.K. taxpayer," King told the Commons Treasury select committee.
"The more thoughtful bankers will recognize that this is likely to create a banking system, which in the long run will earn normal rates of return."
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