On Tuesday, five senior ministers of our Conservative Government spoke out in cities around the world to express Canada’s opposition to the proposed job-killing global bank tax. In Ottawa, Mumbai, Shanghai and Washington D.C., Canada’s ministers are speaking with one voice.

Our Government is firmly opposed to a new job-killing global bank tax that would reach into Canadians’ pockets and we are taking action to make certain that Canada’s voice is heard.

Canadian banks have been recognized as the most sound in the world. Our banks have acted responsible to avoid toxic assets and it makes no sense to impose a punitive tax on them now: “A tax would reach into consumers’ pockets and punish our financial institutions, which have taken precautions to avoid the very turmoil that is afflicting other parts of the globe,” said Tony Clement, Canada’s Industry Minister.

While we support efforts to establish a strong regulatory framework for the global financial sector, our Government will stand up for Canadians and oppose efforts to impose a tax that would place Canada’s banks at a disadvantage, and would pay for the mistakes of others countries’ banks.

A job-killing global bank tax is not the answer. G-20 countries must complete promised regulatory reforms on time, proceed with credible fiscal consolidation plans and fix the financial system. Our Conservative Government will continue to demonstrate leadership on the world stage on this and other issues at the G8 and G20 meetings we are hosting this year.

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