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Lord Turner defends his Tobin tax speech

Lord Turner has today defended his recent speech in which he called for a tax to be charged on all financial transactions and claimed that, in a number of instances, the UK banking sector was "socially useless". Lord Turner's recent comments attracted very different opinions from across the globe and the financial community and despite the fact that this particular subject is outside of his remit there are calls for the UK Treasury to consider his suggestion.

One of the foundations of Lord Turner's speech is the fact that the current system, regulation of the UK financial sector, does not appear to be working and a different approach needs to be taken in the future. Whether direct taxation is the correct path is open to debate but there are very few people who would disagree with the fact that the current system falls short of what is required. So what next?

While there is some debate as to whether a Tobin tax will actually be introduced, it seems that Lord Turner's comments have opened up an interesting debate on the UK financial sector. How this will develop is anybody's guess at this moment in time but it certainly has brought a new argument to the table.

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