How quickly could the 11 European nations introduce the tax?

No timetable has yet to be released. The tax will, however, need to be backed by a majority of the 28 European Union member states, including those who will not be introducing it. It will also need to be approved by a majority in the European Parliament. When such backing has been secured, Europe's Taxation Commissioner can release a detailed proposal on the tax and its implementation.

I. Vocabulary:

Tobin tax – налог Тобина

introduce a financial transaction tax – ввести налог на финансовые операции

tackle the debt crisis – решать проблему долгового кризиса

back – поддерживать

backing – поддержка

oppose smth – выступать против ч-л

opposition to smth – возражение против, сопротивление ч-л

outline an idea – выдвинуть идею

put forward

suggest a tax on all payment from one currency to another – предложить ввести налог на все платежи при покупке/продаже валюты

curb massive movements of funds - сдерживать масштабные движения

destabilizing дестабилизирующие средств

foreign currency exchanges – валютные рынки

raise cash - собрать, привлечь средства

money

money-raiser – мероприятие по сбору средств

cover a tax on all share transactions -предусматривать налог с акциями

bond на все операции облигациями

currency валютой

uniform tax – единый налог

rate – налоговая ставка

undermine financial markets – нанести ущерб финансовым рынкам

proceeds – вырученные средства

bring down debts – снизить долги

bailout schemes – планы оказания финансовой помощи

pass the cost of the tax onto customers – переложить стоимость уплаты налога на клиентов

Europe’s Taxation Commissioner – еврокомиссар по вопросам налогообложения

II. Answer the following questions using as many vocabulary

items as possible:

1. What is the Tobin tax and when was it first put forward?

2. How would it work?

3. How much would it cost?

4. What are the advantages and disadvantages of the tax?

5. How soon will it be introduced?

III. Give a short talk on the origin of the Tobin tax, its advantages

And disadvantages.

PAYDAY LOANS

Payday lenders have faced criticism from all angles in recent months.

Insolvency experts predict that more people who are short of money are going to turn to payday lenders – who can be found on the High Street and the internet – for a short-term loan.

Some debt charities and consumer groups have warned that such lenders can lure borrowers into taking on debt that balloons out of control.

An official study in 2010 said they provided a legitimate, useful service that helped to cover a gap in the market.

But in early 2013, the Office of Fair Trading said that there was widespread irresponsible lending in the industry.

How do payday loans work?

Typically someone will borrow a few hundred pounds from a payday loan firm for a short time, to tide them over until they receive their next wage or salary cheque.

The borrower will usually offer a past-dated cheque to the lender to cover the eventual repayment of the money borrowed, plus interest.

The cash is often emergency borrowing to pay an urgent unexpected bill, or rent or utility bills.

How many people use them?

There are no official figures on how many people use this sort of borrowing.

As a result of its most recent inquiries, the OFT thinks that as much as £1.8bn a year may now be being lent by payday lenders.

The Public Accounts Committee (PAC) said that about two million people in the UK used payday loans.

Who uses them?

The OFT found that the typical borrower of a payday loan was "more likely to be a young male, earning more than £1,000 monthly, and in rented accommodation. Many are unmarried with no children".

But the borrowers are not normally unemployed or without a bank account.

They sometimes see the short-term loan as a sensible alternative to running up an unauthorised bank overdraft.

Some have turned to these lenders because household budgets are being squeezed and banks have restricted their credit offers.

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