Proposals for a tax on financial transactions have received support from some unlikely sources.
Today, the manager of one of London’s biggest hedge funds gave support for a European Financial Transaction Tax. In an interview with the Financial Times, David Harding, chief executive of London-based Winton Capital, said “I would be in favour of a low [Financial Transaction Tax], if part of it was used to finance more supranational regulation of markets.”
He also accused the Treasury of being City lobbyists, saying “I am surprised to the degree to which the Treasury and the FSA [Financial Services Authority] act as lobbying organisations for the financial services industry”.
This followed Royal Bank of Scotland chief executive Stephen Hester’s comments last week to the Treasury select committee.
Hester argued that the UK was in danger of becoming “too precious” about the threat, pointing out that Britain already has a tax on stocks and share transactions, known as stamp duty.