The Robin Hood Tax Will Give London The Entire EU Financial Market
THIS has to be the best paragraph in any of the newspapers today. The Guardian reports:
Treasury sources said Britain would hit the 0.7% target without an FTT, adding that the European commission’s plans would see individual countries using the extra revenue for deficit reduction rather than development. They added, however, that the UK would not seek to prevent other countries introducing an FTT if they wanted to do so.
It’s all about the financial transactions tax, that Robin Hood tax thing. The idea being floated at the moment (‘coz Bill Gates supports it) is that in comes the FTT, then the money is used to provide aid to poor countries. Or, as the European countries are suggesting, to prop up the shaky finances of the European countries.
Well, whichever. But the UK, at least the government says so, is not going to have it. But they wouldn’t stop other people having it as long as we didn’t have to. A prospect which has the financiers and Tories (to the extent that they are different) with giant great big boners straining at thir underpants.
For, if everyone else has a tax on financial transactions and London doesn’t then of course all financial transactions will be done in London. Instead of having 80% of the EU’s financial markets, we’ll have 100%.
No, no. Helmut and Gaston, you go right ahead and have an FTT, be our guests!