Eleven countries [1] have provisionally agreed to introduce a tax on financial transactions with the stated objective of raising public finances and reducing risk taking. ICAP believes the FTT would:
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have a negative effect on the real economies of the FTT zone
significantly increase funding costs for government and corporates, in particular those in the FTT zone
run counter to EU Treaty freedoms
increase systemic risk
not benefit the UK Government financially despite the UK being one of the largest generators of FTT revenue
lead to the migration of markets rather than a net global reduction.
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