BBC News – How scary is a financial transactions tax?

The UK is expected to block a proposed EU-wide tax on financial transactions, unless it is applied worldwide (which it won’t be, due to US politicians serving business interests and not the interests of their people).

Most of these transactions are nothing to do with wealth creation but are transfer payments from poor to rich and from worker to owner. They are a drag on the real economy and hugely destabilising.

Even though a transactions tax may help divert capitalism from its self-destructive path, those addicted to gambling and greed seem hell-bent on going down with the ship.

The tax would hit the City of London hard, but it would still help Britain as a whole.

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