1/4% Tax on all stock trades pushed in NY Times today

"In reference to taxes, the Deputy PM confirmed he was looking into the option of introducing a financial transaction tax - or so-called Robin Hood tax - on banks as a way of generating extra funds."

http://tinyurl.com/2vropyo

This is worrying if it's true and is at odds with the UK Government's declared position so far.

George Osborne, the Chancellor, has so far qiven qualified support only to the idea of a financial activities tax (and then only if it's globally adopted) but not to a FTT.

Nick Clegg is deputising while the PM is away on vacation. He has not been given a role in economic policy in this coalition as far as I'm aware. Hopefully he has just misunderstood Government policy. It does seem a bit peculiar that it is Nick Clegg and not George Osborne making this sort of statement , but we shall have to wait and see.
 
Quote from MohdSalleh:

This is what a UK politician thinks of Van Rompuy.

:mad:

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too bad the UKIP will never be voted in. They are what britain needs, rather than the liberal conservatives:D
 
This tax is not uncommon, these countries embrace it:

UK if you buy there is a 0.5% tax.
Hong Kong, for both buy and sell trades there is a 0.109% tax.

but then again Hong Kong is an old british colony, also Grece has a stamp cost when trading shares, plus very strict rules for warehousing trades over night if I may say so.

The concept of a transaction tax is clearly idiotic, as it heavily reduces liquidity in the market and thereby reduces the efficiency of pricing the companies listed.

How many shares in the LIFE100 index do you know, or the HANG SENG Index, almost none.

How many DowJones shares do you now, almost all of them.
 
Quote from Explorer:

"In reference to taxes, the Deputy PM confirmed he was looking into the option of introducing a financial transaction tax - or so-called Robin Hood tax - on banks as a way of generating extra funds."

http://tinyurl.com/2vropyo

This is worrying if it's true and is at odds with the UK Government's declared position so far.

George Osborne, the Chancellor, has so far qiven qualified support only to the idea of a financial activities tax (and then only if it's globally adopted) but not to a FTT.

Nick Clegg is deputising while the PM is away on vacation. He has not been given a role in economic policy in this coalition as far as I'm aware. Hopefully he has just misunderstood Government policy. It does seem a bit peculiar that it is Nick Clegg and not George Osborne making this sort of statement , but we shall have to wait and see.
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I sure hope this information is incorrect as well. I can't believe that David Cameron would go along with a FTT. I still highly doubt this FTT ever sees the day of light (especially here in the US) and most likely it won't happen in Europe either.

-Guru
 
Quote from Explorer:

"In reference to taxes, the Deputy PM confirmed he was looking into the option of introducing a financial transaction tax - or so-called Robin Hood tax - on banks as a way of generating extra funds."

http://tinyurl.com/2vropyo
More...

Well, it seems there was a bit of journalistic license in the article above. If we look at what actually happened it looks quite different:-

[...] the most popular topic with the audience was bankers – an issue raised by Roger James, a regional campaigner for Oxfam, who earned a round of applause in return.

Mr James, 62, of Burrington, near Churchill, asked Mr Clegg if he supported a Robin Hood tax on speculative financial trading to raise billions of pounds for good causes.

Mr Clegg said: "The governor of the Bank of England thought we as a country had spent a trillion pounds bailing out banks who behaved with shocking irresponsibility. It was absolutely outrageous. Yes, I am attracted to a financial transaction tax."

Later, Mr James said: "It was an encouraging response. It seems they are still examining it and we will keep up the pressure.[...]

http://www.thisisbristol.co.uk/news...ge-issues/article-2557153-detail/article.html

So it is just a campaigner for Oxfam/R0binHoodTax who concludes that "they are still examining it". All Clegg did was give his personal view that he is "attracted" to it, which he also voiced before the general election. Clegg does not call the shots in government economic policy fortunately. I'm sure the UK Government has not changed its view and is still against the FTT.
 
German Minister: No Global Financial Transaction Tax Soon

http://online.wsj.com/article/BT-CO-20100825-708496.html

BERLIN (Dow Jones)--Major economies aren't likely to agree on introducing a financial transaction tax soon and "going it alone as a nation wouldn't be beneficial", German Finance Minister Wolfgang Schaeuble said Wednesday.

But Germany and France plan to continue working toward having such a tax on a global level, he added. [...]
 
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