Prof Philip Booth comments on the newly proposed tax
“A tax on transactions is ultimately a tax on banks’ customers. It will make banks less efficient and banking services more expensive. Furthermore, a tax on bank transactions will lead investment business out of the EU and lead banks to develop more complex ways of hiding transactions.
“The volume of banking transactions neither caused the banking crisis nor the sovereign debt crisis. EU leaders need to be resolving the latter if we are to avoid another financial crisis worse than that of 2008.
“The proposed tax is also grossly unfair. The magnitude of its impact will be felt far harder in London than anywhere else in Europe.”
Notes to Editors
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