By: Jon Seddon

Jon Seddon — Thu, 28 Sep 2017 11:44:00 +0000

Stephany – I can’t understand why you believe that the short term buying and selling of assets adds to the risk of a financial crisis. The financial crisis was cause by financial institutions being over leveraged and unwittingly exposed to toxic, immoral sub prime mortgage debt. Churning of assets, as you call it, adds to liquidity which helps the markets function not the opposite. Secondly, assuming there are any asset managers left in the UK after the introduction of a FTT, they will pass this additional cost on to their customers which means that you and I and any other pension holder will pay the tax – not the banks. Why not just tax the banks more on their profits if you want to penalise them? Given the absence of any mention of this in the Lab17 conference let’s hope they have come to realise that this crazy idea would be the one of the most reckless acts of self inflicted harm to jobs in British history.

By: sydneyoperahouse

sydneyoperahouse — Tue, 29 Aug 2017 22:51:00 +0000

Well what a masochistic idea that has been thoroughly discredited by global finance ministers as well as the IMF. But it would be a boon for Singapore, Hong Kong and Sydney. Competition would ensure rapid capital flight but I doubt UK/EU decision makers would be as stupid as to experiment with a tax known as “fool’s gold” as occurred with Sweden who found out the hard way.

Comments on: Robin Hood had the right idea: Why the left needs to deliver on the financial transaction tax

By: Jon Seddon

By: sydneyoperahouse