Wednesday, November 09, 2011

Oppugnant Osborne on octroi...

Good! The City will be pleased that GO has confirmed his opposition to a financial transaction tax.

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Paul said...

I think a worldwide tax will come though. Despite all the scaremongering stories in the UK about job losses (funny how the Conservatives are becoming the party of protectionism) the numbers simply don't add up. The volume of Forex trading in relation to any benefit or improvement in GDP is so small that it is barely recognisable and that must be addressed. I think GO has given into his banker buddies on this, the fact that City job numbers have remained unchanged over 25 years whilst profits and bonuses have gone through the roof says it all. Interesting that the report about any 'Tobin' tax being responsible for losses of £24 bn happened to come out two days after record profits from Barclays!

The far east is the future (no pun intended) and once markets move to Shanghai or Seoul worrying about these taxes will be a thing of the past.

Span Ows said...

I think the worry of them going to the east is the problem so bend over backwards to 'help' them.