• The post you are reporting:
   
  A not so subtle reference to the proposal that a Financial Transaction Tax (as proposed by the EU but kicked into the long grass as the UK refused to play ball) or Tobin Tax as it is known in the USA is introduced.
  
  We already levy stamp duty on share transactions in the UK (supported by all parties last time I checked) but do not do so on trading in bonds or derivative instruments. Given the sheer volume of transactions in this type of instrument a minimal levy(suggestions seem to be in the range of 0.05% to 0.5% - the current level of SDRT - of the transaction value) would raise a fair sum in tax without, certainly in the medium to long term, impacting the value of pensions and savings.
  
  As an aside Labour propose removing what is known as intermediaries relief from the many hedge funds and market making firms that have it.
  
  I struggle to fathom, beyond keeping our chums in the City happy, why this relief is allowed when they trade for their own account especially as the initial intentions was to only exempt recognised brokers trading for and on behalf of their clients against clear instructions.
  
  Anyway what's not to like?

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