Lords warn against 'detrimental Robin Hood tax' proposals

In its report, 'Financial Transaction Tax: Alive and Deadly', the Lords EU Sub-committee on Economic and Financial Affairs claims the tax in its current form could stand to "damage to our markets but [deliver] no benefit to the Exchequer." Originally intended to be adopted by all 28 member states, the tax is being taken forward by just 11: Austria, Belgium, Estonia, Greece, Italy, Portugal, Slovakia, Slovenia, Spain, France and Germany. The committee is sceptical about the commission's claim that the tax would generate revenues of €31bn per annum, and says it is "very unlikely that th...