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Britain to enforce Financial Transaction Tax on big corporations £50 billion owed
Enforce Financial Transaction Tax on big corporations.
Chancellor George Osborne's fierce opposition to the financial transaction tax, and Britain's refusal to sign up to it, has stalled its implementation across Europe. That's because other capitals fear their financial operators will simply decamp to London to avoid paying the levy, the Financial Times explains.
If Britain, were to back the tax, its implementation across Europe could be virtually guaranteed, raising an estimated £50 billion a year in revenues.
Chancellor George Osborne's fierce opposition to the financial transaction tax, and Britain's refusal to sign up to it, has stalled its implementation across Europe. That's because other capitals fear their financial operators will simply decamp to London to avoid paying the levy, the Financial Times explains.
If Britain, were to back the tax, its implementation across Europe could be virtually guaranteed, raising an estimated £50 billion a year in revenues.
Why is this important?
The FT calls the financial transactions tax "the most ambitious attempt ever made to create a pan-European levy on the financial sector… hitting almost all EU bond, share and derivative transactions" (source http://www.theweek.co.uk/jeremy-corbyn/62858/jeremy-corbyn-u-turn-on-europe-signals-victory-for-labour-moderates)
Germany, France and Italy are among 11 Eurozone countries signed up to the idea of the tax. But after what the FT calls "several years of meandering discussions", they remain undecided about how exactly it should be implemented. "The participation of Britain could break that deadlock." (Source http://www.theweek.co.uk/jeremy-corbyn/62858/jeremy-corbyn-u-turn-on-europe-signals-victory-for-labour-moderates)
Germany, France and Italy are among 11 Eurozone countries signed up to the idea of the tax. But after what the FT calls "several years of meandering discussions", they remain undecided about how exactly it should be implemented. "The participation of Britain could break that deadlock." (Source http://www.theweek.co.uk/jeremy-corbyn/62858/jeremy-corbyn-u-turn-on-europe-signals-victory-for-labour-moderates)
