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SOD 'EM!


Quickbeam

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I think in the simplest terms, that's what he's saying between the lines.

Cammeron's handbag speech...

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Quickbeam

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Well said fm.

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Quickbeam

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...not being used to the compromise of coalition an' all that in Little Britain.

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natdoor

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FE

Of course a Tobin tax would be fairer if applied world-wide. There is absolutely no possibility of the gangsters andthieves in the US agreeing to this. The same could be said of measures to combat global warming but we and others are penalising our economies by taking measures with which China, India and the US will not agree.

We have got used in the past coulpe of decades to the contribution made by the financial industry. Most of these services have been described as oroviding no useful purpose, apart from lining the pockets of a few. As a nation we must turn our back on some of these ill-gotten gains and strive for balanced economy.

Commentators whom I respect, such as Will Hutton, have been calling for hiving off investment banking and introducing a Tobin tax. I hope you soon gain the grasp of facts that you clearly seek.

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Forum Editor

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natdoor

"I hope you soon gain the grasp of facts that you clearly seek."

There's really no need for comments like that if your argument has merit. First of all, my comment about a grasp of facts wasn't directed at you, it was addressed to someone else. Secondly it concerned a specific comment that the proposed transaction tax would be a 'minor' matter as far as The City of London was concerned. I pointed out - correctly - that it wasn't a minor matter.

You've chosen to make your personal comment to me based on your personal opinions, rather than facts, having laced your post with emotive stuff about "gangsters and thieves in the US" and "As a nation we must turn our back on some of these ill-gotten gains"

Only some of the ill-gotten gains?

Frankly I find your post lacking in substance. Where's your justification for saying (in respect of the financial industry) "Most of these services have been described as oroviding no useful purpose, apart from lining the pockets of a few." when as I've already pointed out the contribution that the financial sector makes to the British economy?

According to the Office for National Statistics **"The financial services sector makes an important contribution to the UK’s balance of payments, with the overall surplus in financial services reaching £40.2bn in 2009. Total exports of the services sector as a whole amounted to £170.8bn, giving a surplus on the services balance of £55.4bn."**

As for Will Hutton supporting the introduction of a Tobin tax, where's the argument? Everyone with a grain of sense (including David Cameron) thinks it's a good idea, provided it applies to all major global financial centres. Will Hutton says as much when he refers to it being "...a good idea if done right as recommended by the IMF"

Finally, your idea that there is "no possibility" of the "gangsters and thieves" in the US agreeing to a Tobin tax doesn't hold water. As long ago as 2009 Nancy Pelosi, the leader of the Democrat majority in the House of Representatives, had talked of the need for any financial tax to be internationally levied. In December of that year The European Council called upon the IMF to consider a global financial transaction tax. I think all that David Cameron has done is insist that the 'global' part of the request is enforced.

Perhaps it's me who should be saying "I hope you soon gain the grasp of facts that you clearly seek."

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tigertop2

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It matters little what any of us think is a good or bad result from our PM's decision. The financial markets will dictate what is going to happen over the next few months. With significant Greek, Italian and Spanish debt repayments due over that period we will soon find out whether those who pull the money strings believe Euroland has done enough. I suspect that with the current- and likely to persist- lack of detail in the proposed refinance mechanisms proposed by 'Merkozy' and those currently in support it will not be enough. Financial Markets hate uncertainty and that is what they are going to get.

So is it all doom and gloom? Probably not when all the smoke clears and countries and their producing companies continue to find a way of trading which does not rely on rocky financing deals

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Forum Editor

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"Financial Markets hate uncertainty and that is what they are going to get."

I couldn't agree more.

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natdoor

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FE

It appears that you did not see the Storyville programme to which I referred. Nor, apparently, have you taken on board the comments from Will Hutton and others in today's Observer relating to Cameron's veto and the influence of the Eurosceptic diehards who seem to think we live in the 19th century. The robbing Peter to pay Paul activities of casino banking, such as the use made by banks of CDSs to gain billions against assets (CDOs) sold them and which they knew to be toxic cannot be defended on any grounds.

To quote Hutton from his article in the Observer "The financial services industry in Britain constitutes 7.5% of GDP ...: the City represents a third of that and, in turn, that part threatened - if it was threatened at all - some fraction of that. This is a tiny economic interest. If the coalition is serious about rebalancing rebalancing the British economy, it is preposterous to place a fragment of the City at the forefront of our national priorities". In addition to this, the result of Cameron's decision is predicted to damage our economy in terms of lost inward investment, resulting from our being totally sidelined in Europe. I rest my case.

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Strawballs

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Tory = square mile for our economy, look at the last Tory government. BBC news this morning it was commented that both German and Spanish banks have a very big interest in London so was it wise to put those at risk!!

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Forum Editor

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natdoor

Rest your case by all means - it's seriously flawed. You're relying on an article in the Observer, and you've quoted the "..it is preposterous to place a fragment of the City at the forefront of our national priorities" bit, but by concentrating on the detail you've missed the main point. The transaction tax wouldn't just apply to a fragment of the City of London, it would apply to all stock and bond transactions,and it has been estimated that around 80% to 85% of the tax yield would come from the City of London.

We're objecting to the tax because even if the other countries in the Eurozone go ahead there would still be an impact on our financial sector - all banks would be levied according to the country of their registration, so German banks trading in London, for instance, would have to pay,and would pass on the levy to their clients.

The result of a unilateral action in Europe would be to drive business to markets in South East Asia and America,and that point has been made to the European Commission.

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WhiteTruckMan

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It just goes to show that after 18+ months people still don't get what 'coalition' means

For all practical purposes as far as I've been able to see it means the tail wags the dog!

WTM

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