MP calls for Tobin explanation

● High-profile Conservative MP Andrew Tyrie yesterday called on the government to reveal how workable a global financial transaction tax (FTT) would be. The European Commission wants to implement an EU-wide FTT, but the government opposes it on the grounds that firms could simply move to other jurisdictions. Instead, it claims it would support the tax only if it was implemented on a global basis. However, Tyrie, who chairs the influential Treasury Select Committee, fears the FTT is “good politics, but bad economics and bad tax policy,” and wants the government to reveal projections of the impact of a global tax.