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Financial sector is rattled by John McDonnell’s support for an FTT that would raise about £7bn a year
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Larry Elliott looks at the possibility of Labour implementing a financial transactions tax (FTT) - a so-called Tobin tax - that might apply to a range of financial transaction. It's clearly not going to be popular in the City but it would generate an awful lot of revenue that the government might be able to hypothecate in ways that would appeal to the voting public. It's worth a read - it highlights the fact that policy-making isn't always about doing what is economically most efficient, and also gets you thinking about whether efficiency is always a good thing.