Uh oh. For those of you horrified at proposals for a Tobin tax (a tax on all foreign currency transactions) but thought the argument was lost before it begun – think again.
Today it emerges that none other than Nobel prize winning economist Joseph Stiglitz has given his view that a Tobin tax is ‘feasible’ because of advances in Technology.
James Tobin, also a Nobel prize winner, first proposed the tax for Richard Nixon’s regime in the US in the early 70s.
The idea received fresh interest just recently when Financial Services Authority chief Lord Turner said it might be worth looking at again.
Since Turner’s intervention the idea has been thoroughly rubbished mostly on the grounds that it was impractical.
Stiglitz, however, says not. And with IMF interest growing in some form of levy to raise funds for dealing with financial disaster it doesn’t look like Tobin’s idea is going away. After all, despite their failings, economists have discovered a new found respect and interest at the moment. Their currency is rising. Unlike others I could mention.
Cowgill Holloway and Warings Business Advisors have merged, with a range of growth plans in the North West put in place
Accountancy Age Jobs is delighted to announce the launch of a brand new look website for finance and accountancy professionals
The UK gender pay gap will not close until 2069 unless action is taken to tackle it now, according to new research by Deloitte
Three former Tesco executives, including the former finance director of Tesco UK, have been charged with fraud by the Serious Fraud Office in relation to a £263m accounting scandal at the retailer.