The finance ministers and central bankers from the Group of Seven rich nations said that, if workable, such a levy should be applied worldwide. Alistair Darling, the Chancellor, said: “We discussed in the longer term whether or not it would be appropriate to have a levy on the banking industry to reflect the costs that have been imposed as a result of what has happened. It’s early days but … we agreed to work together on this”. The ministers also discussed an insurance levy to protect banks from future financial losses and pledged international standards on all aspects of banking regulation.

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