HC Deb 16 December 1999 vol 341 c298W
31. Mr. Barnes

To ask the Chancellor of the Exchequer what representations he has received recently concerning the taxation of international currency speculation; and if he will make a statement. [101796]

Miss Melanie Johnson

Since the beginning of the year, the Treasury has received 19 letters and 603 postcards from members of the public and 42 letters from hon. Members about the proposal to introduce a tax on currency speculation.

The Government believe the idea of a tax on currency speculation is, in principle, interesting, but has a number of practical drawbacks. It would be almost impossible to achieve global coverage, and there would be huge scope for avoidance.