Taxing currency exchange transactions
Claim
- Ninety-five percent of the foreign exchange transactions in London have nothing to do with trade in real goods and services. A tax on currency exchange transactions (of say 1% of their value) would encourage people to invest their savings in enterprises and activities in which work, including their own work, plays a major part. The attractions of speculative capital gain will be reduced; import substitution and greater economic self-reliance will be promoted.