The government decision to reject the proposed EU financial transaction tax is a deeply retrograde step, according to UCD sociologist, Kieran Allen.

"The EU tax amounts to a levy of a mere 0.1 levy on the trading of shares and bonds and a 0.01 levy on derivatives. It appears that the government has learnt nothing from the economic crash of 2007 that brought the world economy to the verge of ruin. This crash was triggered by a huge growth in financial speculation which was divorced from investment the real economy," said Mr Allen.