However, the EU splinter group is now said to be considering reducing the tax rate on equity and debt, and imposing the levy solely on shares from next year. An FTT on bonds might not be introduced until 2016, and the planned levy on derivatives could be dropped altogether. The annual revenues might fall to as little as €3.5bn.
“The whole thing will have to be changed quite a lot,” an official close to the negotiations told Reuters. “It is not going to survive in its current form. You can introduce it on a staggered basis. We start with the lowest rate of tax [0.01pc] and increase it bit by bit.”
Even the politicians are waking up to what a disaster the full FTT will be.
Remember folks, you read it all here first.