Financial Transaction Taxes

No subject is more certain to raise the hackles of traders in financial institutions than a financial transaction tax, however small. Measured for unleashing a torrent of abuse, it even edges out, in the City of London, the question of continuing to be part of the European Union. The traditional banker’s response, something I initially bought into, is to adopt a rather superior air that suggests that the protagonists do not understand the realities of finance. We would, in patronizing tones, remark that it would be a wonderful tax if only it were feasible. But lamentably, finance is now conducted in cyberspace, and cannot be tracked down and taxed.

My views changed when I became a bank director, jointly ...

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