Posted Sep 10, 2013 by Martin Armstrong
Britain remains the EU’s biggest financial center and is opposed to the 2014 tax on financial transactions to begin in the EU. Britain, and several other EU states, are refusing to participate in the tax scheme that will clearly send capital out of the Euro. There are still 11 members that will go ahead Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia. We can expect capital to flees and this tax will have a serious impact upon the Euro. They intend to tax stock shares, bonds, derivatives, repurchase agreements and securities lending.
Politicians still cannot grasp that taxation reduces economic activity and growth. They spend whatever they desire and refuse to even look at their actions. This is one of the things that led to the American Revolution – abusive taxes.