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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/call-for-tax-on-bankers-bonuses.jpg"><img class="alignnone size-full" title="Charities call for a new tax on bankers' bonuses to protect their services" src="http://londonglossy.com/wp-content/uploads/2011/01/min-call-for-tax-on-bankers-bonuses.jpg" alt="Charities call for a new tax on bankers' bonuses to protect their services"/></a></p>
<p>Charities are calling for a new tax on bankers&#8217; bonuses to protect their services for the sick and vulnerable from government funding cuts.</p>
<p>Sir Stephen Bubb, chief executive of Acevo &#8211; which represents 2,000 charity leaders in Britain &#8211; said a levy was needed to prevent thousands of organisations from closing or scaling down operations.</p>
<p>In an interview with The Times, he suggested the billions of pounds raised could be channelled straight into the Big Society Bank set up by the coalition to encourage social enterprise.</p>
<p>Charities would then be able to bid for the funds to help to fill the gap left by the estimated £1 billion being shaved off local government grants, Sir Stephen argued.</p>
<p>Sir Stephen said: &#8220;The £500 million in cash reductions we&#8217;ve seen so far in the voluntary sector are merely the first signs of a gathering tsunami of ill-considered cuts which threatens to decimate the third sector, wreaking havoc on our communities.&#8221;</p>
<p>He added: &#8220;If some local councils continue with this Neanderthal approach to cuts, we will be setting a time bomb of social need, which first the most vulnerable in society and then ultimately taxpayers will pay for.&#8221;</p>
<p>Last year former chancellor Alistair Darling raised around £3 billion for the Treasury by imposing a one-off, 50% tax on bonuses over £25,000.</p>
<p>A new levy could raise a similar amount. But George Osborne has so far resisted taxing bonuses for fear of pushing financial institutions overseas.</p>
<p>The chancellor has introduced a separate permanent levy on banks&#8217; balance sheets, which is expected to raise £2.5 billion.</p>
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