The mere consideration of a financial transaction tax (FTT) is "madness", the UK's Prime Minister has said.
Delivering a speech at the recent World Economic Forum in Davos, David Cameron once again attacked the European Union's (EU) proposals for a tobin tax.
He said that it was "right" that the financial sector should pay their fair share, and noted that the UK has several measures in place to do so. These include bank levies and a stamp duty on shares. Cameron pointed out: "These are options which other countries can adopt".
Cameron also highlighted the European Commission’s own original analysis. According to these figures, the imposition of an FTT could hit the EU's GDP by EUR200bn (USD265bn). In addition, 500,000 jobs could be lost, and 90% of markets could be forced away from the EU.
According to Cameron: "Even to be considering this at a time when we are struggling to get our economies growing is quite simply madness".
.Tags: tax | banking | financial services | European Commission | tobin tax | stamp duty | European Union (EU) | France | Germany | United Kingdom | services | EU | European Union | Germany | Euro | France
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment