Fears for introduction of European financial tax

The EFAMA estimates that had the tax been applied from the start of 2011, the annual total would have reached €38bn.  This sum would have been made up by investors paying €15bn on the sales and redemptions of UCITS shares/units, and UCITS fund managers paying €23bn on the sales and purchases of securities.  The consequences of such a tax, predicts the EFAMA, would put many money market funds out of business - who would pay 67% of the tax - and reduce the overall attractiveness of long term savings in equity, bond and balanced funds as well. Such a loss would in turn reduce an importa...