AN EUROPEAN UNION levy on financial transactions would effectively place the burden on pensioners, warned chancellor George Osborne.
Speaking at an EU meeting in Brussels, Osborne warned that a financial transaction, or Tobin, tax would be passed onto pension funds and schemes, reported The Telegraph.
“There is not a single banker in this world that is going to pay this tax. There are no banks that are going to pay this tax. The people who will pay this tax are pensioners,” said Osborne.
The chancellor also warned that financial services would drain away from the EU and the UK to other financial centres around the world, putting a million jobs at risk.
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states