I have been piecing together the numbers over the last few weeks, but I hadn't got round to adding them to get the total for the UK. Here they are:
CLS : $4.8 trillion a day in 2011 (around $1200 trillion for the year)
NYSE Liffe - €491 trillion euros in 2011, roughly 99% of which goes though its London office.
LCH.Clearnet Ltd SwapClear : $283 trillion in 2011
EuroClear UK and Ireland (replaces CREST) : £128.7 trillion in 2011
LCH.Clearnet Ltd Fixed Income : €152 trillion in 2011
Other payment instruments (direct debit, credit cards, cheques ) : £67.5 trillion in 2010.
CHAPS Sterling : £66 trillion euros in 2011
LCH.Clearnet SA (Euros) : €19.50 trillion in 2010
London Metal Exchange : $15.4 trillion in 2011
London Stock Exchange : €7.86 trillion in 2010
BACS : Total Transactions : £4.06 trillion in 2010
I've used figures for 2011 when available, or 2010 when necessary. This gives the following (converted into sterling at current rates when necessary).
With total tax revenue in the UK at around £540 billion (0.54 trillion), this means that ALL the current taxes could be scrapped and replaced by a single FTT of around 0.03%. It's simply because transactions exceed tax revenue by a ratio of over 3000:1.
Can the City really claim that an FTT of 0.03% would be excessive? It's a lot less than the 0.5% Stamp Duty on Share trading that has been in force since 1986. And don't forget that in return the banks would be able to turn UK into a legal tax haven - with no income tax, no corporation tax, no VAT.
Who in their right mind could say that a Financial Transaction Tax would not be a fantastic deal for the UK? Including for the banks...