City urges Labour to drop financial transactions tax

 City urges Corbyn to drop Robin Hood plans

The City of London Corporation has urged Labour to abandon its policy of raising the financial transactions tax, saying extending the 0.5% levy to cover financial derivatives and other highly-traded assets would harm the UK’s competitiveness. Questioned on his approach to the co-called Robin Hood Tax, Jeremy Corbyn said he was not “worried about taxing the super-rich and the super wealthy.” He add: “The objective surely has to be stronger economic base for everybody in this country dealing with the waste of poverty and inequality.” Julian Jessop, the chief economist at the Institute of Economic Affairs (IEA) called Labour’s policy naïve. "This is another example of the fallacy that corporations can be tapped for cash with no wider costs. In reality, it"s always ordinary people who ultimately pay, including consumers and workers. Sherwood Forest wasn"t made of magic money trees either."

Source:   Daily Express (25/09/2017)