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Anorak | Some Good Sense On The Robin Hood Tax

Some Good Sense On The Robin Hood Tax

by | 8th, November 2011

THIS, it’s absolutely correct in every single particular :

The Commission itself points out that a European financial transaction tax would have a serious impact on European growth. It would hit the UK economy, it could reduce European GDP by up to 3.5pc. The Commission takes the central view it would only reduce European GDP by 1.76pc. That is their central estimate that is going to cost 500,000 jobs across the European continent. Those are not my figures, these are the commission’s figures. We have just spent the whole of rest of the morning about how we can get the European economy going, how we can create jobs, how we can make sure we are not priced out of the global economy and then we have discussion about a proposals that commission itself says is going to reduce growth and costs jobs.

“We have to be realistic and truthful to our publics about who pays this tax. There is not a single banker in this world who is going to pay this tax. There are no banks who are going to pay this tax. The people who will pay this tax are pensioners, with pensions. They are taxpayers through their governments because they have to raise money on through sovereign debt auctions. This is not a tax that is paid for by bankers or banks.

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Posted: 8th, November 2011 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink