The Economic Consequences of the EU Proposal for a Financial Transaction Tax
Professor Avinash Persaud, March 2012
A new report by Professor Persaud Avinash of Intelligence Capital, and former head of Currency and Commodity Research at JP Morgan, systematically dismantles critics’ exaggerated visions of the effects of an FTT on the economy.
The report states that a Robin Hood Tax would be good for the UK’s economy, have a positive impact on jobs and growth, and cost the finance sector’s customers far less than the fees bankers levy themselves.
Furthermore, the report states that the EU’s proposed tax (which is less ambitious than we would like, but welcome nonetheless) would raise £8.4bn in tax revenue for the UK Treasury. It would, contrary to the EU’s own initial and flawed impact assessment raise GDP by 0.25%, equivalent to creating 75,000 jobs in the UK alone.
Please download the The Economic Consequences of the EU Proposal for a Financial Transaction Tax document as a pdf (168KB).