UK should stop EU transaction tax
28 September 2011
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Prof Philip Booth comments on the newly proposed tax
Commenting on the EU transaction tax being proposed by the European Commission, Prof Philip Booth, Editorial Director at the Institute of Economic Affairs, said:
“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
To arrange an interview with Prof Philip Booth, IEA Editorial Director, please contact Stephanie Lis, Communications Officer, 020 7799 8900, slis@iea.org.uk.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties
“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
To arrange an interview with Prof Philip Booth, IEA Editorial Director, please contact Stephanie Lis, Communications Officer, 020 7799 8900, slis@iea.org.uk.
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
The IEA is a registered educational charity and independent of all political parties
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