Prime minister shies away from Tobin tax

The prime minister has basked away from the possibility of introducing a Tobin tax, despite current EU sentiment for a tax on financial services transactions.

Gordon Brown told the City yesterday that the UK "could not act in a vacuum" on introducing such a tax, and any revenues from such a tax should be for the national government to use, reported the FT.

Current thinking is that a levies on individual banks are a more attractive option.

Further reading:

Concern over EU "Tobin tax" plan

King derails Tobin tax drive

Treasury moots Tobin Tax on financial transactions