EU Robin Hood Tax to be announced today – and has the FT been convinced?
The European Commission’s draft directive for a financial transactions tax (FTT), which I blogged about on Friday, is likely to be announced formally by Commission President Manuel Barroso today, we understand, after it was endorsed by the college (the full meeting of European Commissioners) on Tuesday. And lo, this morning’s Financial Times contains its first positive article (£) about the tax in the year and a half we’ve been campaigning for it, by John Plender. He argues that an FTT could redress the balance between high frequency trading and long-term investment, which has been one of the secondary effects that the Robin Hood Tax campaign has adduced in support of an FTT. The tide really is turning.