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Osborne says permanent bank tax 'absolutely necessary'

UK Chancellor of Exchequer argues new bank stress tests must be much tougher than last July's

Chancellor of the Exchequer George Osborne said the UK has succeeded in putting together a credible budgetary plan despite having one of the largest budget deficits in Europe, at a conference in Paris today. He also said that measures such as the increase in sales tax and the introduction of a permanent bank tax are "absolutely necessary, if not sufficient for growth."

Chancellor of the Exchequer George Osborne was expected to urge a fresh round of much tougher stress tests for European banks as he calls on regional governments to move swiftly to get on top of their fiscal and financial problems, according to a Treasury official, Dow Jones Newswires reported this morning.

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