IMF mulls 'excess profits tax' for banks

The International Monetary Fund (IMF) is considering plans for an “excess profits tax” on banks worldwide to raise cash in the wake of the financial crisis, it was reported today.

The IMF is expected to recommend the tax to sit alongside a global levy on bank balance sheets as the grip tightens on the sector following the mammoth bail-outs seen during the meltdown, according to The Daily Telegraph.