[Ace123]

Should Cameron fold and agree to implement the financial transaction tax that France is now pushing for even though it would have disastrous effects on our economy (notice the French havent suggested cutting the agriculture revenue they get!). I think it could work if imposed around the world but just at EU level surely everyone would just go to countries where there is no comparable tax e.g. US, China, Australia etc

[patrickinator]

NO absolutely not. The city provides over 250,000 jobs in London alone and over £70 billion in revenue to the government and is essentially the core of London's economy. This financial tax would essentially destroy it, Cameron knows it and I am certain he won't sign to it.

In the bigger picture, we should leave the European Union, a bunch of lazy, corrupt Bureaucrats who are focused solely on their Euro dream who want to create stupid laws that all member states must follow.

WHERE IS THE REFERENDUM DAVE?

[meenu89]

No.

[Herr]

Stupid french idea from a stupid french bastard.

It will be the final nail in the coffin for millions of jobs not just in London but also in Frankfurt and Amsterdam as well as nearly every other city in EU where there is a financial services industry.

Fine if you dislike banks or the financial services industry.......but do you like teachers? What about doctors? Damaging the financial services industry in London will essentially destroy thousands of other jobs and like the 50p tax the amount collected would be minimal at best.

One thing for sure, watch out for Norway, Iceland, Switzerland, Liechtenstein and all the non-EU territories within Europe as the next bustling centre for the financial services industry the moment this stupid idiotic idea of a tax comes into place and more than likely it would also be the death blow to the Euro project.

[Sdiff]

During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of futures trading fell by 98% and the options trading market disappeared.

60% of the trading volume of the eleven most actively traded Swedish share classes moved to the UK after the announcement in 1986 that the tax rate would double. 30% of all Swedish equity trading moved offshore. By 1990, more than 50% of all Swedish trading had moved to London. Foreign investors reacted to the tax by moving their trading offshore while domestic investors reacted by reducing the number of their equity trades.[2]
Revenues

As a result, revenues from these taxes were disappointing. For example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million.[3] In addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988.[4]

In short, under no circumstances should we adopt it here, but we should welcome it being adopted in the EU. The only question is, how will we accommodate the tens of thousands of new bankers that arrive?

[Tommo3]

(Original post by Sdiff)
In short, under no circumstances should we adopt it here, but we should welcome it being adopted in the EU. The only question is, how will we accommodate the tens of thousands of new bankers that arrive?

I'm not sure what you're driving at, but perhaps houses?

[goape]

hell no!

[Sdiff]

(Original post by Tommo3)
I'm not sure what you're driving at, but perhaps houses?

I was more thinking along the lines of office space. Perhaps the construction sector can look forward to erecting some more nice shiny buildings in Canary Wharf.

[chrisawhitmore]

80% of the taxable transactions in the EU occur in the city of London. Is it any wonder the french support a move to take tax out of the UK and spend it in Europe. This is classic socialism on a European scale. Tax the hell out of the productive bit of the economy (UK banks) and spend the money subsidising the unproductive parts (French farms, German heavy industry, French car manufacturers and the disastrous Euro project).

For too long British businesses and British taxpayers have paid to keep the EU afloat, sending billions to Brussels in return for beaurocracy and insult. I can only hope that this is the final straw that sees us decide to once again face the world on our own merits, and once again become a great trading nation.

[Sdiff]

(Original post by chrisawhitmore)
80% of the taxable transactions in the EU occur in the city of London. Is it any wonder the french support a move to take tax out of the UK and spend it in Europe. This is classic socialism on a European scale. Tax the hell out of the productive bit of the economy (UK banks) and spend the money subsidising the unproductive parts (French farms, German heavy industry, French car manufacturers and the disastrous Euro project).

For too long British businesses and British taxpayers have paid to keep the EU afloat, sending billions to Brussels in return for beaurocracy and insult. I can only hope that this is the final straw that sees us decide to once again face the world on our own merits, and once again become a great trading nation.

I agree for the most part but German heavy industry isn't unproductive. The German's cannot be faulted on their productivity. It's the French government that is the problem. Despite having the highest spending in the EU as a % of GDP; despite already being subsidised via the CAP, they want more subsidies and more spending. Basically Germany is refusing to fund French spending so they want Britain to do It instead.

[chrisawhitmore]

(Original post by Sdiff)
I agree for the most part but German heavy industry isn't unproductive. The German's cannot be faulted on their productivity. It's the French government that is the problem. Despite having the highest spending in the EU as a % of GDP; despite already being subsidised via the CAP, they want more subsidies and more spending. Basically Germany is refusing to fund French spending so they want Britain to do It instead.

If they require EU subsidy, then they can be faulted. Any business which cannot survive on its own merits does not deserve to exist and should make way for more efficient rivals. Nationality should not be a factor in how good your business is, but the EU forces the taxpayer to subsidise failing industry, costing them once in the taxes and a second time when the cheaper alternatives from outside the EU are forced out by their inability to compete with a government funded enterprise. This eliminates competition, allowing the chosen industries to become even more inefficient, requiring even more subsidy and driving the costs of goods up.

The CAP is the prime example, as it costs us once in the phenomenally expensive subsidies, a second time in aid payments to developing countries, whose farmers struggle to turn a profit as the EU effectively bars them from selling in the EU while dumping our surpluses on their vulnerable home markets and a third time when we are forced to pay more in the supermarket to support the farms that are now geared more towards meeting subsidy targets than actually producing food.

[ukip72]

It's a pathetic attempt to punish the City of London, funny how the EU gloss over the fact that 80% of revenue would be from the UK.

With policy like this who could possibly believe we should remain in the EU?

[internetguru]

I don't support giving any money to Europe. If we must have a financial transaction tax then give the money to the British.

[Friar Tuck]

If a tax results in 80% or so being paid by one country (IE us), then the appropriate response would be to laugh in their faces.

[patrickinator]

(Original post by ukip72)
It's a pathetic attempt to punish the City of London, funny how the EU gloss over the fact that 80% of revenue would be from the UK.

With policy like this who could possibly believe we should remain in the EU?

Go UKIP

[ukip72]

(Original post by patrickinator)
Go UKIP

Why do you have an EU flag if you support UKIP?

[patrickinator]

(Original post by ukip72)
Why do have an EU flag if you support UKIP?

Well...TSR won't let me remove it.

[ukip72]

(Original post by patrickinator)
Well...TSR won't let me remove it.

What? Did you chose it in the first place?

[prog2djent]

Politics of envy at play again.

[Aspiringlawstudent]

No.