The case for a financial transaction tax (FTT) and the impact that one might have on the UK economy were the subject of questioning by the Lords EU Economic and Financial Affairs and International Trade Sub-Committee when it heard evidence from legal & business experts and NGOs
At 10.45, Tuesday 29 November, Committee Room 2, Palace of Westminster
- John Chown, Chown Dewhurst LLP
- John Vella, Senior Research Fellow, Oxford University Centre for Business Taxation
- David Hillman, Coordinator, Stamp Out Poverty
- Richard Gower, Senior Policy Adviser, Oxfam
Witnesses were asked about how the Commission's proposals would affect the operation and stability of different financial markets and where the burden of such an FTT would ultimately fall. The Committee also covered issues such as whether an FTT would lead to relocation out of the UK or EU, and how much revenue might be generated through the tax.
The Committee is looking into European proposals for a common system of taxing financial transactions, and is considering the significance of the proposals for the City of London, the potential risks & benefits of such a tax, and whether an FTT would work at an EU level or needs to be implemented globally to be effective.