Gordon Brown’s attempts to cast himself as the architect of financial reform were dealt a humiliating blow on Tuesday after the Governor of the Bank of England rubbished the Prime Minister’s flagship proposal and allied himself with President Barack Obama.
Addressing the influential Treasury Select Committee, Mervyn King dismissed Mr Brown’s plan for a tax on financial transactions, the so-called “Tobin tax”. He said: “I don’t know anyone on the international circuit who’s enthusiastic about it … Of all the measures being considered, the Tobin tax is probably at the bottom of the list.”
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Mervyn King rubbishes Gordon Brown's Tobin plan
Gordon Brown’s attempts to cast himself as the architect of financial reform were dealt a humiliating blow on Tuesday after the Governor of the Bank of England rubbished the Prime Minister’s flagship proposal and allied himself with President Barack Obama.
Addressing the influential Treasury Select Committee, Mervyn King dismissed Mr Brown’s plan for a tax on financial transactions, the so-called “Tobin tax”. He said: “I don’t know anyone on the international circuit who’s enthusiastic about it … Of all the measures being considered, the Tobin tax is probably at the bottom of the list.”
Read it all.