Letters to the Editor – 19/02 – UK tax hypocrisy, Best of Twitter
UK tax hypocrisy
[Re: Savers will pay a terrible price for Europe’s latest stealth tax, yesterday]
Yes the proposed EU financial transaction tax (FTT) is a ruinously daft idea, but we should remember that it’s an idea we came up with first. The UK levied a tax on financial transactions first, in 1694, at the same time as we introduced a window tax and for the same reason – to finance a war against France. It outlasted the war and, as stamp duty, is still with us today. In our Budget submission we have called on the chancellor to exempt shares trades in Isas from this regressive tax, but frankly this should only be a first step. For all the reasons itemised in the London Economics study, FTTs are anti-growth and have long since outlived their usefulness. Oppose the EU’s FTT by all means, but let’s not pretend we are above making the same mistakes.
Dr Tim May, chief executive, Wealth Management Association
[Re: It’s time to abolish universal benefits for pensioners – but expect a backlash, yesterday]
Future generations will not have the same standard of living as current pensioners, who have benefitted from the good times. But few politicians will be brave enough to abolish universal benefits.
Name withheld
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