FTT could help help support us in the future

The Financial Transaction Tax (FTT) is gaining momentum. It is a proposal for a small tax on the financial sector to raise revenue for public investment and reduce the harmful activity caused by short term speculators. Already 10 EU countries are supporting its introduction.

We know from the 2008 crash and subsequent recession the destruction that is caused by the irresponsibility of the financial sector and financial markets focused on excessive profit seeking.

The FTT, at 0.1% on trading in bonds and shares and 0.01% on trading in derivatives would raise €320-€360 million for the Exchequer according to the Nevin Economic Research Institute (NERI).