DOESN’T THE FINANCIAL SECTOR MAKE AN IMPORTANT CONTRIBUTION TO OUR ECONOMY?

Absolutely, it accounts for around 8% of UK GDP.

But this tax will have minimal impact on the majority of the financial sector. Certainly it will not affect retail banking, which includes savings and mortgages. It will instead introduce a micro-tax on short-term, high-frequency trading which employs a small number of highly paid bankers in London, not the tens of thousands employed in high street financial services.

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