0.0 -0.1 -0.2 -0.3 -0.4 -0.5 -0.6 -0.7 -0.8 -0.9 THE EU'S financial transaction tax (FTT) would tear a €4.4bn (£3.6bn) hole in
The huge sum would be wiped off the value of equities and bonds in the
In countries where the tax would be in place, the effect would be even more crippling.
"We will not take part and will ensure that we are not caught in the effects of this tax being introduced by other countries. Let's be clear - the financial transaction tax is not a tax on banks or bankers, it's a tax on pensioners and people with savings," said a Treasury spokesperson.
More than half of
"Most debate so far has focused on transaction costs, but this report looks at the impact of asset value," said
"It's a whole extra impact on savers, in addition to the impact on their pensions, and it further underlines the threat of this policy."
The German and French governments are set to meet tomorrow in an attempt to keep up pressure to implement the tax, which has come up against repeated opposition on practical and legal grounds.
Ahead of a meeting of the Eurogroup yesterday, German finance minister
Eurozone countries that implement the tax are expected to see the largest impact on long-term household spending.
The research was carried out by London Economics on behalf of the
"The biggest problem from a
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