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01.07.2013.

Rep Tape Watch: The Real Economic Impact of a European Financial Transaction Tax

Europe’s Financial Transactions Tax, to be imposed by eleven EU countries in 2014, could cost up to 640,000 jobs according to this research.

While the European Commission reckons the tax will raise €34 billion, this figure does not take account of the significant negative impact of the tax, particularly in jobs lost both within the participating states and beyond, says the report.

The study uses the EU’s own economic models to measure the possible employment losses.

The Financial Transactions Tax is becoming increasingly controversial, with the UK government issuing a legal challenge and even the French Government demanding large scale changes to the tax.

The Real Economic Impact of a European Financial Transaction Tax calls into question the EU’s own analysis of the tax, saying that it ‘wishes away’ any downsides to the measure with a series of naïve and optimistic assumptions about how the money would be spent.

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