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Support grows for Lord Turner's Tobin tax

The controversial comments from Lord Turner, the chairman of the Financial Services Authority (FSA), regarding a tax on each and every financial transaction in the UK are starting to gather support amid calls that the Treasury should at least give Lord Turner a fair hearing. While there is no doubt that Lord Turner overstepped his brief as chairman of the FSA there are many who believe that the UK banking sector is far too powerful and far too influential over the UK economy.

It is estimated that a financial tax, otherwise known as a Tobin tax, could bring in as much as $50 billion a year which would then be "distributed to charitable causes". Despite the fact that the UK banking industry has en masse attacked the suggestions and comments from Lord Turner, which also included a reference that banks were "socially useless", we appear to be entering a very controversial and potentially difficult period for the UK financial sector.

Whether the UK government will have the determination to push through a potential Tobin tax remains to be seen because ultimately, if the political polls are correct and we see a change in government next year, there will be no time to change the legislation.

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