Financial Transaction Tax at 0.1%
Introduce a new tax on ALL financial trades executed by UK financial institutions to help reduce the national debt and fund public services such as the NHS.
The tax rate should be 1 pence per ten pounds sterling (0.1%).
Based on the published 2004 figure of [*£86,145 million] financial services industry contribution this would equate to approximately £86 million in tax revenue. At such a low rate there would be little for fund managers and other financiers to complain about.
Individual investors should be exempt from this proposed new tax where their collective annual transactions amount to £100,000 or less.
* Reference: https://en.wikipedia.org/wiki/Financial_services_industry_of_the_United_Kingdom
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