EU: Eurozone Financial Transaction Tax

Baroness Wheatcroft Excerpts

Tuesday 5th March 2013 Lords Chamber

[Lord Newby]

My Lords, the noble Lord needs to understand the difference between a tax which we would levy, where there is a veto, and a tax which we would help collect, of which there are a number of existing examples in EU law and this would be another.

[Baroness Wheatcroft]

My Lords, does my noble friend agree that a tax which was to some extent a deterrent on frequent trading—for instance, algorithmic trading—might not be such a bad thing if it encouraged long-term investment in shares?