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?