According to an article posted a little earlier: http://www.efinancialnews.com/investmentbanking/content/1056027739/ "The IMF is due to report to the G20 on how the financial sector should make a contribution toward paying for government intervention next year with a preliminary report due in April and the final report due in June. A spokesman for the Treasury confirmed that the UK would not act on any policy related to a transaction tax until after the final report, by which point a general election will have been held in the UK. "
While the Tories are not yet home and dry, the prospect of Labour retaining power appears low. Opinion poll history: http://ukpollingreport.co.uk/blog/voting-intention
The biggest threat to the Tories in the UK is a hung parliament. A straight Labour victory still looks unlikely. http://uk.reuters.com/article/idUKTRE5B719220091208?pageNumber=1&virtualBrandChannel=0
The problem is the UK has a huge number of benefit claimants as well as rising unemployment and this budget Brown overruled Darling (Chancellor) to increase benefits and refused to reign in public spending. This is all to buy votes. Will it work? Everyone knows after the election it will all be reversed but it's beer money now and depends how fickle the electorate is. Brown (Labour) is not elected as he replaced Blair and he is not well liked, but Cameron (Tory party) is not exactly Mr Charisma. At the moment Cameron has his neck in front but there are still bad memories from last time the Tories were in power. For now it's 33% for Tories and 26% for Labour (16% to Liberals) and 22% undecided.
Suppose the US and EU both introduce a transaction tax: the tax would be imposed on all transactions executed at exchanges that are located in the US and EU. All taxes for trades executed at US/EU exchanges would probally be collected directly through my broker and would show up on my daily statement together with commissions per transaction. What happens if I trade an instrument at an exchange in a country without transaction tax through my american/european broker? TT or noTT? I doubt the swiss will introduce a TT, one small loophole could be trading the SMI future through swissquote (a swiss online broker), they charge 2,75 CHF per halfturn SMI-future. Probably not enough liquidity for decent daytrading though, and no professional orderplatforms offered. Eurex is a german/swiss jointventure, but as far as I know eurex only has one german location, so I´m not sure this would really work...
According to CNBC our treasury came out and said there are no plans for a one off bonus tax like UK and France. Despite their calls for the US to join in. Atleast we are standing up!
It's definitely the surprise of the week that it hasn't come out. Maybe he's still tweaking the details. We'll see.
..................................... Harkin is trying to figure out how to boost his corn ethanol program .... DeFazio has a tree farming background.... Maybe DeFazio can help Harkin.... Brown might can help....he used to be a TV journalist.... Pelosi has a BA from Trinity Washington University..... One would think with their incredible exposure to the securities industry.... That they would be working at GS...... ................................................................ Just what is it about politics that people all of a sudden are qualified to SCREW EVERYTHING UP THAT THEY TOUCH..... THIS IS A BIG BIG STRUCTURAL PROBLEM.... Furthermore....just who is it at the IMF that has a securities industry background....????? IT IS PURE INSANITY.....
James Cramer on Meet The Press Sunday to talk about the "jobless recovery". Let's hope he doesn't pull his transaction tax talk out again. Or that we "deserve it".