IMF bank tax plan: the parties respond on Newsnight
1) There are two kinds of levy proposed: one to pay the fiscal cost of the crisis and to create a "resolution fund" for any future crisis; another designed to prevent risky behaviour and to be levied on profits and bonuses.
2) That means that, for reasons outlined in the report, the Financial Transaction Tax - or Robin Hood/Tobin Tax - is ruled out. Though like a runner up at Crufts it gets a methodological pat on the head from the IMF guys.
3) Here's the impact on British politics and the general election:
a) the Libdems welcome the whole thing and their existing policy is conceived as a tax on profits. They would do their manifesto proposal, Vince Cable has just told me.
b) the Conservatives would do the tax on assets part if necessary unilaterally; they are more sceptical about the profits tax - and would certainly only do it if it were global.
More follows. Alistair Darling about to come on Newsnight live to discuss this. But the two opposition parties are philosophically at odds here: the Tories by implication worried about the radical nature of the profit tax piece; the Libdems concerned mainly about the timing.
And the fascinating thing, if tonights polls are right, is there may be a combination of two of the parties trying to decide how Britain acts on May 7th.