The Oldfield-Pike Project

This project was requested by @LukeBozier.

The main difficulty with this report is that total financial transactions for the UK, and indeed the world, are undocumented. Therefore a lot of the report is based upon assumptions and pessimistic assumptions at that.

In 2008/9, global financial assets totalled $96.4 trillion. Because Britain has a large financial sector, I have assumed that it accounts for 20% of total assets or $19.28 trillion. We can further assume that transactions, of which will be taxed at 0.002%, account for 10% or $1.928 trillion. These are lower estimates, they might be more, but I doubt they’ll be less.

When the 0.002% tax is applied to the $1.928 trillion, the revenue is $3.856 billion or £2.39362 billion.

Total net expenditure for TfL in 2009/10, as a forecast, is £4.4bn. This means that by using the revenue from the tobin tax, TfL can be subsidised by nearly…

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