The Anonymous Widower

Eurozone Agrees Financial Transaction Tax

Well not quite, if you read the report on RTE, the Irish national broadcaster.

The Irish Finance Minister, Michael Noonan, said the following.

We have stamp duty on share transactions at 1% – we don’t want to go beyond that at present. The British aren’t prepared to go beyond that, Luxembourg isn’t prepared to go beyond that.

“The risk of the activities in financial services moving from Ireland to other centres, particularly London, Luxembourg, the Netherlands is quite high.

One idea behind the financial transaction tax, which is also supported by France, is that it could create a fund to cushion taxpayers from having to bailout banks.

Reading what he said in full, seems to indicate that Ireland, the UK, Luxembourg and perhaps The Netherlands won’t have anything to do with it.

I don’t think any sensible person, would join a club, that would fine you every time you invested anything, especially if you paid all your taxes.

I see a personal problem with it, in that London is going to attract many more rich people, who will want to clog the city with their cars.

June 23, 2012 - Posted by AnonW | Finance | Europe, London, Tax