Timmy elsewhere

A report today:

A European tax on financial transactions could cost Britain\’s economy up to 20 times the amount it raises, a committee of lawmakers said on Friday.

Britain has said a transaction tax, dubbed a Tobin Tax after the U.S. economist who devised it in the 1970s, would only work globally and the EU plans are \”deeply confused.\”

Britain is fiercely opposed to the proposed financial transaction tax (FTT), which the European Union said could raise 57 billion euros (49 billion pounds) a year if implemented across the bloc.

\”The FTT is likely to induce a loss in GDP between five and 20 times larger than the revenues raised from the tax,\” according to an economic sub-committee of the House of Lords, the upper chamber of the parliament.

I\’m not the only one who has said this of course but that point was included in that IEA report I did on the FTT. A report which was submitted in evidence to that committee.

So, Owen, Oxfam, Ritchie, Action Aid, Christian Aid, TUC…..what\’s your comeback now?

6 comments on “Timmy elsewhere

  1. It would bring down property prices in London as all those banks vacate for sunnier economic climates. Every cloud has a silver lining except this one.

  2. Along the lines of, “that the Lords are hardly experts in the matter and their report can be ignored because their committee did not hear evidence from the one-and-only Ritchieness of tax perfection”?

  3. This one is easy to answer — of course the UK should shut down part of their business, it’s only fair because it leaves more opportunity for other countries.

    The same argument as is used by the EU to punish Germany for surplus earnings and for producing useful stuff will also work here…

    Btw, if insanity is repeating the same thing expecting a different outcome, what is asking the same thing of insane people where you can expect the same outcome?

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