UK refuses the introduction of financial transaction tax

15.06.2012 At the end of May European Parliament adopts ambitious approach on financial transaction tax.    

Expert’s opinion

The irony of the whole situation is that in 2009, the UK, by the mouth of Gordon Brown, has proposed a tax on financial transactions.

Martin Schulz (elected in January as the president of the European Parliament), insists on imposing a tax on financial transactions in the Eurobonds, to strengthen the role of the European Commission, to tighten fiscal discipline and  increase European stabilization fund.

It is strange that the issue of strengthening fiscal discipline, which splits into parts of Greece and its European Union - is far less anxiety and worry than the introduction of "Robin Hood Tax".

I think that it is not of great intelligence, and of despair.

There is substitution of notions and instead of restrictions of bonuses of financiers - they want to introduce a new exaction of all people, somehow using the financial and banking system (and it can not use only Pygmy, Indians, Amazons and Papuans).

To control the exaction from each financial transaction is much easier than to call lumpens for work and discipline, who are used to idleness and living on welfare.

James Tobin, who invented the tax, expected to limit so cross-border currency transactions, which damage to the developing economies.

And what is that to Europe? They want to enter this tax for all financial world. If it will happen - we only will get an additional burden on the financial system.

The problem of financial bubbles, which have led to financial crisis - can not be solved!

U.S. continues to print dollars for the whole world. The European Parliament is inclined to the same printing press for the launch of the euro.

How tax on financial transactions could have a positive impact on the world situation? Never before taxes did not improve the economic situation. Introduction of any tax provides benefit only for tax collectors.

God bless the Queen! UK recognized the depravity of the whole "Robin Hood Tax" (a simple robber in Sherwood).

I hope, that the Crown has the courage, endurance and perseverance to show Frenchman, and the Germans - who is who in the world. And to protect the financial system of the EU as Britain had once defended the pound sterling.

On the basis: http://uk.reuters.com/

Yaroslav Lomakin ( Managing Partner of Honest & Bright Company Ltd )