EU Lack Of Financial Nous To Cause CHAOS!

The EU-wide levy on trades in shares, bonds and derivatives will hit savings hard and have disastrous consequences for the Continent’s struggling economies, according to a report. In one of the most damning assessments of the proposed tax, the Association for Financial Markets in Europe says it will make the trading of government bonds uneconomic.The European Commission is determined to push ahead with the Financial Transactions Tax, which is due to come into effect on January 1.

But the AFME says in its report that the commission “has not taken into account the negative economic impact of deterring financial transactions that bring benefits to the wider economy”.

Tom McPhail, head of pensions research at investment firm Hargreaves Lansdown, said: “Pension schemes are some of the biggest investors in both shares and bonds, so any transaction tax would have an immediate impact on our retirement savings.” Daily Express.

But will these facts stop 'em? - Common sense has never slowed the EU juggernaut before!