EU finance tax will devastate the City and damage economies, reports warn

The full impact of the tax on financial transactions imposed by the European Union can be revealed today as two major studies uncover the costs to economic growth and business expansion.

In a presentation prepared for investors and likely to be released this week, the inter-dealer broker ICAP said that the Financial Transaction Tax (FTT) would "damage mainstream economies" and that companies would find it more expensive to secure finance.

hospitaller: Having a seat at the table, being at the heart of Europe; its all going so well, isn't it. The usual silence from the europhiles and Brussels brown nosers

johnward: Just another turn on the downward spiral forced on the UK by Brussels. It is all part of the Federalisation plan, weaken and impoverish the target (UK) then capture. The biggest fishing industry in Europe was destroyed by the EU (EEC) it was British. Divide the Unity of the United Kingdom and set region against region. Devolved powers were introduced by Blair to break the historic bonds of the UK. Dilute the national identity of the British people by introducing mass immigration, introduced by Blair to "Rub our faces in multiculturalism" Degrade the defences of the nation by underfunding the capability of our armed forces to resist military threats, and allow a European armed defence force to be developed. Help fund that embryonic force, this has been accepted and is being supported by Cameron. Remove national protection of citizens by allowing any European country to demand extraction from the UK any citizen named under the EAW, (European arrest warrant). There is no domestic appeal or defence that can be used to avoid deportation once an EAW has been issued no matter what the charge or whether the charge is real or not. Degrade the core industries and economy of the UK. Virtually the entire energy sector of the UK is now owned and managed by EU but not UK based organisations. The lights will start to go out in less than two years time when the EU directive on closure of UK coal fired power stations is fully implemented. The last major solely UK based industry, the financial sector is now being attacked via the FTT, all funds raised will be sent directly to the EU not the UK. The UK will be the prime generator of revenue estimated to be ~£40billion from the UK economy/year. Time is running out don't let this destruction of our country go unchallenged. Join UKIP vote UKIP and support UKIP.

Ragwin: Bollocks to UKIP. They're just another bunch of career seeking wanna-be politicians who would put their personal interests first before their constituents.

elliemaesgrandad: Unoriginal comment, Rag. You're so accustomed to LibLabCon that all you can do is repeat the same old, same old, tired mantra that's past its use-by date.

Ragwin: You think like a child (just like your avatar).

middleenglanddupe: So utterly clueless.

johnward:  Such a pointless comment, why did you even bother?

fla56: dear   i don't know why you overlook the real issue here the bankers and their ponzi schemes are not to be tolerated most intelligent observers can now see that 'financial innovation' is a nonsense that does not create long-term wealth this issue must be addressed. bankers must be regulated to within an inch of their lives. banking must become boring and safe again

johnward: fla56, I have no good words to give regarding bankers. In my experience they are all total sh1ts with their mind on just one thing, their year end bonus. Having said that, I am not in favour of allowing some bureaucratic nonsense to be introduced that will degrade the banking industries contribution to the UK. We should have been regulating the bankers within that inch of their lives during the 13 years of Labour lunacy. Instead we had a  useless chancellor advised by useless advisers and Red Balls who did nothing to prevent the run away train wreck they had started on its way. The EU and its progeny the Euro are the problems. The bureaucrats in Brussels and in Frankfurt won't accept they have created a monster and are determined to use whatever resources they can lay their hands on to support the unsupportable Euro. That includes destroying the City of London financial services sector if they need to. We can deal with the bankers through our own controls; the EU has no legitimacy to promote policy which is clearly to the targeted detriment of a member nation. But then again when has legitimacy ever been part of the EU/EZs thinking.

fla56:  thanks for your reply i would like to reciprocate by saying that this is probably the only good idea i have heard to come out of Brussels, ever i agree we'd be better out of Europe but the bankers are the greatest threat to all societies the City of London is a parasite not an asset, no matter what short term tax returns make it appear

johnward:  i agree we'd be better out of Europe but the bankers are the greatest threat to all societies ------------ I agree but they are a necessary evil, they have to be policed but not by their own vested interest club members. That was the problem and continues to be.

inkogn: I Love how top comment didn't actually read or understand any of the article. It doesn't matter if you are in or out of eu. This tax will still affect you if you operate in countries that signed it.

johnward:  I am fully aware of the situation regarding the range of this tax policy. It does not change anything I have said, the tax is aimed at the UK financial sector specifically. We are the financial sector in Europe (the City of London). We the UK voted no to the imposition of this tax, aimed entirely at the UKs financial industry. All of our EU "partners" who are not affected by it (in any meaningful measure) voted yes. Surprise, surprise they will be the beneficiaries and the UK yet again is the benefactor. Now do you get it?

teefoo:  Just one comment:  "Degrade the core industries and economy of the UK" Agreed, but the EU hasn't done that single-handed: give credit where it is due - it has had the help of the Labour 'government' over many years

middleenglanddupe: Britain put all it's eggs into one basket for the last 30 years and now it's all the fault of the EU. Priceless.

johnward:  It is the fault of politicians this past forty years who have conspired to hide the direction of European integration from the UK citizens. I don't know what single basket you are referring to? I do recognise one single basket case however, it is called the EU.

middleenglanddupe: Oh yes that 'basket case' , the EU. The largest economy, market and exporter in the world right on your own doorstep. And like many brainwashed Brits you want either 'out' of the EU or else to petulantly carp from the sidelines and then complain that you are being, gulp! - sidelined! Pardon me while I go and enjoy a good laugh.

johnward:  The EU less the UK represents just 5% of the world's population. Even if leaving the EU meant we were barred from trading with the rump EU, (which we wouldn't be), we would still have 95% of the world population to market to. Britain opened up world trading practices; we are the world expert when it comes to world wide trading. Being out of the restrictive clutches of the EU holds no fear for those in the UK who know what we can do, what we have done  and will do again given half a chance out side the EU.

johnward:  Agreed, part of the unspoken mission, call it Kinnockisation.

davecameron:  As if UKIP would make any difference! Farage is already talking to the Labour Party…you do the math…

johnward:  Farage talks to many people, don't be fooled into thinking UKIP would tollerate anything that involved the REDS Milliband or Balls. As far as doing the math goes, best wait untill May3rd then do it. UKIP is already making a difference and this is just the start.

middleenglanddupe: What difference? You don't have a single MP.