The eurozone will introduce a financial transaction tax that will hurt the City and we will be powerless to halt it.
If they introduce a tax on themselves and we do not introduce the same tax on ourselves, how does this hurt us?
Quite. What will actually happen is wehat happened in the 50s and 60s, when the Americans imposed a tax upon dollar financing. The business all moved to London.
What will actually happen with a eurozone only financial transactions tax is that the 20% of Europe\’s wholesale financial markets which are not already in London will move to London.
It\’s actually the best thing that could possibly happen to The City.
By the way, please remember that Peter Mandelson will be in receipt of an EU pensions, one which requires him, if he is to stay eligible for it, not to work against the so called \”interests of the European Union\”.
Bought and sold you might opine.