The ASC Blog

£20bn raised by introducing one new tax – Yes – with one condition.

Published 02/05/2012 12:13:00

Should banks be commissioned to begin their own financial recovery via their own pockets?

I felt the need to dedicate one of our blogs to the ‘financial transactions tax’ (FTT). Although there are influential supporters of the tax such as Bill Gates, Bill Nighy and Oxfam there are also a fair few individuals opposed to the tax and quite frankly I feel somewhat indifferent about it.

Yes we all had that pang of bitterness when the banks caused our initial recession in 2008 - let alone having suffered through the difficult period that followed and the bleak financial future we are heading towards, due to the global financial crisis, and therefore I do believe banks should be commissioned to begin their own recovery via their own pockets.  With the latest European plan being that from January 2014 securities transactions, involving an EU-based financial institution, would be taxed at 0.1 per cent and all OTC derivatives deals at 0.01 per cent - for that minimal percentage to raise a potential £20bn - great if it will but I can’t help think, are they over estimating the success of this new tax?

On the other hand if you look back to the 1990s when Sweden imposed a Robin Hood Tax of 0.003% on bond transactions it caused a catastrophic effect on the Swedish economy. The question is - are we basing this tax on hope and ignoring the potential disasters on the economy?

With a divide in politics about this tax - they are situated in a tug of war situation - I find myself placed in the middle. But if introducing this tax the government will simultaneously reduce other taxes to stimulate the economy then I am won over and it is worth taking the risk

Back to the blog

We focus on arranging finance for your business...
so you can focus on running your business

10 reasons to
work with ASC

Why ASC?

close ✖

Why ASC?

You already know that arranging business finance can be a tricky experience.

We appreciate that your time is precious. With our extensive knowledge of business finance available in today’s SME market we can approach the lending institutions that are right for your business finance needs. You will be saved from the frustration of endless form filling, repeated conversations with numerous lenders, and save you from having to provide each different lender stacks and stacks of information.

Our job is to remove the ever increasing number of hurdles that are put in your path, by arranging business finance or commercial finance for you in a time-saving and more efficient manner.

ASC have been established for over forty years and we have experienced more recessions and ups and downs in the economy then we care to remember. Due to our clear focus on independent businesses and entrepreneurs we have developed a track record which is envied by our competitors. You will deal directly with an experienced Director who has a strong commercial background and real experience enabling him or her to find the business finance which is just right for your business.

close ✖

The Ten Reasons

We work in the way which works best for you

Call Now on
020 7616 6628


Get a Quote