Think tank warns tax would be 'economic suicide'

Influential UK think tank The Adam Smith Institute has added its voice to concerns over European proposals to introduce a financial transaction tax

Influential UK think tank The Adam Smith Institute has added its voice to concerns over European proposals to introduce a financial transaction tax, warning this morning that any such levy in the UK would amount to "economic suicide".

The think tank said in a report that any move by the UK to impose a national Tobin Tax would cause a significant decline in stock trading turnover and prices, prompt a mass migration of trading activity abroad, and result in financial sector job losses.

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Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is ReachedExternal link

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached