A proposal to place taxes on the financial sector to curb the big bonus culture in the City has been backed by the Financial Services Authority's chairman, Adair Turner. Lord Turner claims that the financial sector has become 'swollen' and applying measures such as the 'Tobin tax'- named after economist James Tobin - on pre-remuneration profit would help to downscale it. In a roundtable discussion published in Prospect magazine, he said that the FSA should be 'very, very wary of seeing the competitiveness of London as a major aim' with regards to the effect that the financial sector has had on weakening the British economy. The FSA chairman also talked about placing higher capital requirements to extinguish excessive activity and profit. However, the chancellor has declared no intention of adopting the proposals and his aides have insisted that the banking industry is still to play a key role in global finance.