SIR – Ten European Union countries announced agreement recently to introduce a financial transaction tax from 2016 to curb speculation and raise revenues after governments had to bail out private banks.
Countries including Germany, France, Italy and Spain revealed their plan in a joint statement on the sidelines of a meeting of the 28 nation bloc’s finance ministers.
They will initially tax only the trading of shares and some derivatives – much less radical than suggestions by supporters of a “Robin Hood” tax.
The EU estimates that a broad levy could yield 30 billion euros (£24.6 billion) in annual tax revenues.
European officials started pushing for the tax which has been opposed outright by Britain’s Conservative coalition government after the 2008-9 financial crisis.
Slovenia had pledged to introduce the tax, but did not sign up because the government resigned on Monday.
Max Hey, Fairway Grove, Bradford
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