Banking jobs in London ''could face difficulties with Robin Hood tax''

Implementing a Robin Hood tax would lead to "huge practical difficulties", one sector commentator has claimed.

Indeed, a spokesperson for the Chartered Institute of Taxation said that people with banking jobs in London could find that businesses headed elsewhere if a levy on the financial transactions of such service providers was introduced.

"If we were to unilaterally adopt it, it is likely that it would lose us money because businesses [would] be going elsewhere," he added.

The representative explained that it would also create a significant administrative burden as transactions are likely to move to places outside of where it has been adopted.

His comments come after the Trades Union Congress suggested that such a measure be included in the Budget in order to avoid unfair cuts.

George Osborne unveiled the emergency Budget yesterday (June 22nd) and announced that VAT would increase to 20 per cent in January next year.