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On Thursday, February 14, the European Commission presented plans for a tax on financial transactions. Starting in 2014, many of Europe’s banks, insurers and pension funds will have to contribute towards “costs incurred by the financial crisis for which they were partly responsible”.
Brussels estimates that the amount collected by the tax on a range of financial products, including shares (0.1 per cent) and derivatives (0.01 per cent), will be between €31bn and €35bn per year. The tax will apply in cases where the seller, the buyer or the product in question comes from one of the 11 participating countries.
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