Good example with money market funds. That's their main flow in reasoning. They really believe any desk in Europe can pay a 0.01 % tax and still be profitable. If you think about it, around 90 % of brokers accounts lose money on a given year without any tax. What will be the percentage with a 0.01 % tax?...
2015 if on schedule. His party could oust him, or there could be a no confidence vote under the new rules. http://en.wikipedia.org/wiki/Next_United_Kingdom_general_election#Fixed-term_Parliaments_Act
Cameron is likely pm until May 2015. Labour 12% ahead of Conservatives (42% to 30%) in the polls at the moment. Current labour leader 'Red' Ed Milliband has been in favour of EU wide FTT in the past: (old link from 2011): http://www.moneymarketing.co.uk/pol...-on-financial-transaction-tax/1039021.article
Copy the title into Google It had nothing to do with the article. I am just thinking about the future of the UK. Even if the Tories remain in power and continue to block FTT, I think Switzerland will benefit from FTT more than the UK. People want to be out of the EU, and not just because of the FTT, but also bonus caps, MIFID, HFT rules...The UK needs a solution to remain attractive and fast... Nobody will relocate to the UK if Milliband is just around the corner...
Didn't recent articles say that FTT in the US and NYS in the 1960s chased the Eurobond market from NYC to London, thereby giving London a huge shot in the arm? Think of all the bankers who moved from NYC and Chicago to London over the years. Almost half the ones I know in NYC have spent time in London. There could be a huge brain drain out of London back to NYC and Chicago. NYC exchanges, stock indexes and apartments are looking pretty good now. Cosmopolitan bankers won't want to move to dour Switzerland, which is too small and quaint, and in the midst of shock over failed bank secrecy and a US FATCA grip. The UK is caught between a rock and a hard place and their body language is pretty lame. They are one election away from Labour and caving to Franco German forces on FTT and the banking union. FT editorials seem desperate. Who's going to hear the plea of rich bankers?
http://www.top1000funds.com/analysis/2013/03/08/pension-funds-reject-eu-financial-transaction-tax/ [...] If the FTTâs introduction is delayed, Å emeta faces another problem. The Commissionâs term, including his own, expires in October 2014. Given the snail-like pace of EU processes, that leaves the EUâs tax commissioner with little time to adjust the FTT timetable if he encounters further obstacles. In principle, there is nothing to stop a new Commission taking over the task of pushing through the FTT where its predecessor left off. Yet a host of political uncertainties, from this Septemberâs German federal election to the EU parliament elections in June 2014, could sap the will in Brussels and across the 11 FTT member states to introduce the tax. [...]