Perhaps for Americans but not Europeans, Geneva is already a huge platform for commodity merchants and numerous big UK hedge funds have already moved to Switzerland. And by the way, if you are not american and don't already have a job offer in NY and Chi, it's a complete pain in the ass to immigrate to the US to trade professionally or create a small prop firm. E2 treaty investors visa are expensive , have to be renewed every 2 years...I know , otherwise I would be in the US already...
Both the head of Labour and their finance guy have stated they are in agreement with an International FTT, not one on an EU level.
Labour does seem to realise a regional only tax will drive business from London to NYC and the far east and will be very damaging for the UK. They have supported a global tax but I don't think they will support what's being proposed in the EU as it will ultimately be very bad for Britain and for Exchequer.
Just to understand how wrong the liberals are when they pretend the finance world is just NY and London and once they are infected, it's pretty much global: http://www.futuresindustry.org/files/css/magazineArticles/article-1513.pdf
this politician must have heard about the FTT. http://www.latimes.com/business/mon...mostviewed+(L.A.+Times+-+Most+Viewed+Stories)
"The Commission and the Parliament have argued that the tax will encourage pension funds to buy and hold assets to maturity." If so, it shows they are completely illiterate about this topic (but we already knew). They want a static society with no flexible capital allocations?