![]() Every day of delay deprives Europe’s citizens of €60 million in lost revenues. ![]() “Finance Ministers must set out a timetable for reaching a deal by the end of July. Max Lawson, head of policy on inequality for Oxfam and a spokesperson for the European Robin Hood Tax coalition, which coordinated the letter, said: “The message from Europe’s top financiers is clear – a financial transaction tax makes economic sense and should be delivered without delay.” The FTT won’t harm investment or economic growth – but it will reduce the kind of dangerous trading behaviour that caused the financial crisis of 2008.” The letter cites a growing body of evidence that the FTT could boost economic growth and dismisses claims that the tax will make it harder for European countries to entice finance firms away from London following Brexit.Īvinash Persaud, Chairman, Intelligence Capital Limited and former head of Currency and Commodity Research, JP Morgan (UK), a signatory to the letter, said: “The financial industry’s arguments against a Financial Transaction Tax don’t stack up. It is estimated that the European FTT could raise €22 billion a year – more than the European Union spends supporting agriculture in France, Germany and Italy combined. They highlight that the ‘Robin Hood’ tax would raise significant new revenues, that could be used to invest in healthcare and education across Europe, as well as the fight against poverty and climate change around the world. The financiers argue the tax will help deter the sort of high-risk ultra-short term trades that led to the 2008 financial crash. Their letter calls for a modest tax on financial transactions, such as the purchase and sale of stocks and derivatives. They are nearing agreement on the FTT after years of negotiations.ĥ2 senior figures in the global finance industry signed the letter including Lord Adair Turner, Former Chairman of the UK Financial Services Authority (UK) Avinash Persaud, Chairman, Intelligence Capital Limited and former head of Currency and Commodity Research, JP Morgan (UK) Dr William Barclay, former Senior Vice President, Planning and Development, Chicago Stock Exchange (US) Luc Bomans, former Executive Vice President, JP Morgan, and former CEO, Euroclear Securities Clearing System (Belgium) Dirk Müller, Financial Expert and Former Broker, Frankfurt (Germany) Gunther Capelle-Blancard, Member of French Financial Market Authority Scientific Advisory Board Luca Mattiazzi, General Manager, Etica Sgr (Italy) and Andrew Sheng, Former Chairman, Securities and Futures Commission (Hong Kong). ![]() In an open letter to European leaders, the financiers argue the FTT will reduce financial instability and raise significant additional government revenue.įinance Ministers from ten European countries including France, Germany, Italy, Belgium, and Spain, are expected to discuss the FTT at a meeting in Brussels on Monday 10 July. Over 50 leading financiers have expressed their support for a European Financial Transaction Tax (FTT) ahead of a meeting of Finance Ministers in Brussels next week. ![]()
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