EU’s Tobin Tax Won’t Raise Money for Britain According to Chancellor

Chancellor George Osborne has claimed that a Tobin tax that the European Commission is looking to implement on financial transactions could fail to raise any revenue for the UK in a letter that was sent to Treasury Select Committee chairman Andrew Tyrie MP. He believes that any revenue from the plans would be offset by a loss of revenue in other taxes, such as a £3 billion per year loss in stamp duty. He would also expect there to be a reduction in corporation tax as a result of the tax being suggested by the EC. "Overall, it is possible that the tax might raise no additional money at all for the Exchequer," said Osborne. He believes that the potential impact of the Tobin tax is to unpredictable and needs to be considered further.
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