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published NOVEMBER 10, 2009

Rosali Pretorius of Denton Wilde on Tobin taxes

Rosali Pretorius, Financial Markets and Regulation partner at Denton Wilde Sapte says: "As we have seen, we could not get global agreement on Tobin taxes and this would be needed, otherwise the UK would lose massive amounts of financial business. There are no global taxes and I don't see us getting global agreement to impose it - there is no precedent for this, and it's unachievable. It has never been the FSA's duty to manage the City of London's competitiveness, the FSA's objectives are to manage consumer protection, risk and confidence in the markets and to reduce financial crime. However it would not be that easy for businesses to decamp and operate without all the facilities and environmental factors London offers in terms of language, skilled staff, and even the supportive legal system the UK offers as a global financial centre." <