week: The proposals were unchallengeable, he said, according to The Guardian. That's not true, obviously. When asked at an event last week if he would support a new plan that would raise an estimated 7bn a year for the exchequer, the shadow chancellor, John McDonnell, had a one-word answer yes. Labour's plans for a financial transaction tax FTT were being challenged even as McDonnell spoke. The financial sector employs a million people, paid 75bn in tax last year and provides essential products such as pensions, mortgages and insurance, said Stephen Jones, the chief executive of UK Finance, the trade body for the financial sector. The City has enormous lobbying power and the machine was quickly cranked into gear.
(news.financializer.com). As
reported in the news.
Tagged under week, exchequer topics.