Banks are required to hold certain statutory amounts of capital.

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Now the reason Morgan Stanley has been taking a keen interest in all of this is because of the noises coming out of the Financial Policy Committee - the new macro regulatory arm of the Bank of England currently working in an informal capacity but soon to have statutory powers - that the capital banks hold against mortgages is too low.

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His capital gains tax rate would increase from 15% to 21.2% (20% statutory rate plus 1.2% due to the deduction phaseout).

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