Posted on 08/31/2009 12:39:12 PM PDT by Lorianne
The head of Britain’s top banking watchdog supports the idea of new global taxes on financial transactions, warning that a “swollen” financial sector paying excessive salaries has grown too big for society.
Adair Turner, chairman of the Financial Services Authority, says the debate on bankers’ bonuses has become a “populist diversion” and that more drastic measures may be needed to cut the financial sector down to size.
He also says the FSA should “be very, very wary of seeing the competitiveness of London as a major aim”, claiming the city’s financial sector has become a destabilising factor in the British economy.
His comments, floated in an interview in Prospect magazine published on Thursday, may be read in other financial centres, including New York, as a sign that Britain is becoming increasingly sceptical about the perceived advantages of being a leading financial centre.
Lord Turner’s suggestion that a “Tobin tax” – named after the economist James Tobin – should be considered for financial transactions is also likely to reverberate around the world. The proposed tax, which has previously been championed by development economists and the French government as a means of funding the developing world, has been fiercely opposed by the finance industry.
(Excerpt) Read more at ft.com ...
A global tax? Say, I wonder who gets the dough. Maybe the UN... you KNOW there’s no chance of corruption that way. /s
You gotta love the Central Banking system. Tax the people to the point you break them. Then when they loose everything, go in and buy everything up and resell it when they rebuild the economy. Remember our own depression....that’s exactly what happened.
“His comments, floated in an interview in Prospect magazine published on Thursday, may be read in other financial centres, including New York, as a sign that Britain is becoming increasingly sceptical about the perceived advantages of being a leading financial centre. “
Financial companies should all pack up and leave London NOW!!!
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