EU to impose transaction charge

[Euler]

Not a great idea IMHO, depending on how it would be implemented. Imposing a transaction tax in a liquid market just shows you how clueless policy makers are.

http://www.bbc.co.uk/news/business-15090761

[superfrank]

City of London officials have said that about 80% of the revenues of any Europe-wide financial tax would come from London.

You can see why the EU love the transaction tax idea.

I'm not sure whether I'm in favour of it or not, but I don't think it will happen anytime soon.

[Iron]

Cameron has decided to risk the ire of the Lib Dems, and oppose the tax: http://www.bbc.co.uk/news/business-15090761

Nice to see a bit of strong leadership for a change...

Jeff

[superfrank]

Are Labour in favour? If they are then I'm definitely against!

[andyfuller]

Peston is saying the 0.1% Financial Transaction Tax should in theory replace the 0.5% stamp duty

[Euler]

Stamp duty in financials is a tax on investment which has to be the stupidest tax of all time IMHO!