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France survives the financial transaction tax – so far

Originally posted on Make Wealth History:

This summer, France went ahead and unilaterally launched a financial transaction tax. Sarkozy started it, with plans for a 0.1% levy on the country’s biggest stocks. Hollande doubled it to 0.2%. The reaction from business was predictable.

‘Bets grow on impending French stock market slide’ said one headline. The Spectator explained how “global investors will just skedaddle to other markets where the fiscal regime is less onerous”. London mayor Boris Johnson personally invited French bankers to switch to London: “if your own president does not want the jobs, the opportunities and the economic growth that you generate, we do.” Some went so far as to predict the total collapse of the French finance industry: ‘Au revoir CAC 40′ said one blogger, advising readers to “liquidate your positions while you still can.”

This was always going to be rather overblown, considering that even after the taxes, France is still…

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