The possibility of a tax on financial transactions – or Tobin tax – looked
remote this morning after international leaders failed to support Gordon Brown’s
proposal launched at the G20 meeting over the weekend.
Opposition and doubts have been aired by many senior figures including
Timothy Geithner, the US Treasury secretary and Dominique Strauss-Kahn, the head
of the International Monetary Fund.
Reports in the national press this morning speculate that the opposition now
means the Brown idea is essentially dead because he himself had predicated
pushing forward the idea on international support.
However, the prime minister does appear to have received the qualified
support of billionaire fund manager George Soros, who is reported in the
Financial Times saying that some kind of transaction tax was, in principle, a
In an article for today’s FT Gordon Brown proposes “global financial levies”
among a raft of others as a means restoring responsibility to the financial
He writes: “Banks cannot assume that trust will return without significant
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance