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Bonus windfall tax boffin to set up NGO for City

PROFESSOR Stefano Harney, the academic who recently led a call for a windfall tax on City bonuses, has founded a new non-governmental organisation (NGO) dedicated to keeping tabs on the City.<br /><br />The organisation, called &ldquo;Finance Watch&rdquo;, will produce research on transparency, accountability and ethics in the City, as well as suggestions for reform in these areas.<br /><br />Harney, a professor at Queen Mary, University of London&rsquo;s business school, said: &ldquo;Although we have NGOs monitoring sweatshops and wetlands all over the world, we have not one civil society organisation keeping an eye on the City.&rdquo;<br /><br />Last month, City figures slammed the idea of a windfall tax on bonuses, floated by Harney and 13 other professors in a letter to The Guardian.<br /><br />The academics said the money raised should be injected into public services, to repay taxpayers for the government billions used to bail out the banks in the crisis.