Despite UK chancellor Alistair Darling discounting the UK adopting a US-style tax to recover money from the bank bailout, financial services minister Lord Myners has said that such a levy could still be imposed.
US President Barack Obama has already imposed a 0.15 per cent tax on all liabilities of banks and financial institutions that used taxpayers' money to stay afloat.
Mr Darling told the Scotsman earlier this week that an alternative plan would be put in place whereby shares were bought in troubled banks and then sold at a later date.
Lord Myners told BBC Radio 4's Today programme that he wanted to promote a global debate about whether a levy similar to the one imposed in the US should be introduced.
"Because we do not want to disadvantage the UK in an industry - banking and financial services - in which we have global leadership," he added.
An American-style levy on financial institutions will be discussed at a meeting on January 25th. Representatives from the G7, the World Bank and the International Monetary Fund are attending the event that Lord Myners will host.
George Osborne, shadow chancellor, said that the Conservative government would push for an insurance levy on financial institutions, the Financial Times reported.
Mr Osborne said that it was "unacceptable" for large cash bonuses to be paid out by banks when they should be trying to protect themselves from future financial problems.
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