Forum Topic

Financial Transaction Tax alias the "Tobin Tax" to be implemented by the Dynamic Duo?

In 1984 Sweden introduced a version of the Tobin Tax whereby tax of 0.5% was levied on the buying and selling of shares,the impact on Market Trading was dramatic the volume of Bond Trading fell by 85% in 1991 Sweden scrapped the tax.We are still the best market in the world and imposing this tax will mean that traders will go elsewhere obviously Nicolas Sarkozy hopes that it will remove to France, the big question that should be asked is where if this tax is implemented will the money end up not in our treasury of course.Compared to Europe we are in good shape, yes we are having a bad time however our bond yield is the lowest running at 2.16% compared to the rest of Europe, we still maintain the best bet for markets.What is frightening is that Angela Merkel & Nicolas Sarkozy want to introduce within the next year Legal Powers over Countries National Budgets, we cannot permit others to dictate to us and David Cameron has to show strength when he sees Mrs Merkel later this week.

Dawn Hardy ● 5284d9 Comments

A few years ago it use to cost about £25.00 per share transaction, these days you can trade shares from about £7.50 it would be easy to front load a £1.00 fee to this and if it's sold to people in the right way, I think most would be happy if they knew this was going towards training or job creation, as you can see people who trade shares are already getting a better deal than they did in last couple of years, to say no is just plain greed, this front loading is then not added as a further tax later to the sale of shares nor added as an increase in stamp duty.

David Hughes ● 5279d

Why we have to pay this kind of money out is beyond me, we are having a tough time of it, if Angela had her way it would be tougher.

Dawn Hardy ● 5282d

and the rest of the EU only 17 billion. It is an attack on Britain and on the City of London just as serious as anything we have faced since the end of the Second World War. And it is coming from the descendants of the people who started and lost that war but which in many respects has won the peace.

David Giles ● 5283d

Amen to that.

Dawn Hardy ● 5283d

If only all things in life were so simple,we could all stop worrying.

Tony Wood ● 5283d

Lets hope that David Cameron stands firm with Angela  especially over this tax, if it is introduced then we as a Nation will most certainly have to curtail to her demands, the Markets will East toot sweet. They will get richer and we will be the poorer for it.

Dawn Hardy ● 5283d

I was glad to see that even Vince Cable opposes this.Jeremy Paxman was superb on this subject last night on Newsnight.

David Giles ● 5283d

David,You do indeed have the complete understanding of this proposal.It would be the complete ruination of our Markets.

Dawn Hardy ● 5283d

If a Tobin Tax were to be introduced by the EU, it would have to be on all transactions in all EU member states. The French and the Germans would be shooting themselves in the foot, stock markets would tumble all over the EU and the value of our pensions would reduce yet further. But the biggest loser would be the UK and London because we have by far the biggest and best financial markets in the EU. It is a proposal aimed squarely at the UK in an attempt to attack the UK markets and siphon yet more hard earned British money off into the bottomless pit of the EU.If a Tobin Tax is introduced in the EU, the markets and the business would simply move outside the EU to Singapore, Hong Kong, New York, Bahrain, Beijing, Shanghai, Tokyo, Dubai, Nassau or even Havana after the Castro Brothers depart the scene.David Cameron needs to resist this.

David Giles ● 5284d