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A Tobin tax is a proportional tax on all spot conversions from one currency to another. There are now growing calls for a Tobin tax to be introduced into the UK, both to raise revenues and to reduce market volatility. In this policy paper, Adam Baldwin examines the case for the Tobin tax and the associated "Robin Hood Tax" that was inspired by the Tobin tax. Looking at the underlying economics and the international experiences with Tobin taxes, he argues that such a policy would at best be ineffective, and at worst hugely counterproductive and harmful to the UK's financial sector and wider economy.

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