The idea of taxing financial transactions is an irrelevant one for the UK banking sector and a distraction from the focus of getting banks lending again and building their capital buffers, Richard Lambert, director-general of the Confederation of British Industry.

Lambert was referring to comments made by Adair Turner, chairman of the Financial Services Authority in a magazine interview published last week, that if tougher capital rules don't prevent excess pay, profits and risk-taking by banks, the UK should consider applying special taxes on financial transactions.