Ben Chu: The lonely FTT finally finds some friends
Outlook Speaking of Europe, the commission's Financial Transaction Tax has been turning the City lobby puce with rage. The proposed levy on bond and derivative trading gets many dirty looks. And not just in London. Sir Mervyn King recently let slip that even the FTT's friends secretly dislike it. Now that's unpopularity. So it was good to see the pro case put by Avinash Persaud and Paul Myners in the Financial Times this week.
Personally, I'm still uncomfortable with the FTT, mainly because it's simultaneously sold as a way of recouping past bailout costs from the financial industry, slowing down high-frequency trading and also paying for lots of nice things. That smacks of wishful thinking.
And yet it's hard to deny that trading is undertaxed relative to other transactions. And does anyone still buy that guff about the endless churn of financial assets making us all better off?
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Why I'm on the brink of burning my Israeli passport
- 4 War is war: Why I stand with Israel
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...