Taxed transactions will go elsewhere

The North Devon Green Party press officer is spouting off again about the concept that there is this great big pot of untaken tax – this time on financial transactions (“These taxes could fund local councils,” Opinion, July 9).

It sounds innocuous enough, not hurting any real people, doesn’t it? But of course, as ever, this is where it all goes wrong.

Like it or lump it, London and the UK have a colossal finance sector compared to the rest of Europe, and indeed London pips New York as the largest in the world.

Taxing transactions would simply make the traders go to Switzerland, Singapore or New York, and just imagine the jobs, wealth and spending which would go with it.

I shan’t even preach about how the common man would suffer as another pernicious tax eats away at his savings, his pension, his independent means, as well as charities’ endowments, government organisations’ funds and pension costs and so on.

If we didn’t have such a vibrant financial services sector, then we shouldn’t be enjoying the revered global status we do now – to everybody’s benefit and not excusing the poor regulations of previous years which allowed excesses to cause such universal grief.

By this, just look at the very low rates of interest we pay on our government debt – that’s how well we are respected, right or wrong!

Philip J Milton

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