That is according to Ken Costa, the former chairman of investment bank Lazard, who has insisted the adoption of the Europe-wide Tobin tax in the UK's banking industry would not work.
Speaking in an interview with the Independent, Mr Costa - who is now working on rebuilding the relationship between the City of London and the general public following the recession - explained this would come as a "massive cost to jobs in this country".
"It is not a tax on the banks, it will be borne by you and me and passed on, just as dealing costs are passed on to pension funds - this will be passed straight through," he added.
However, Mr Costa - also an ex-vice chairman of UBS Investment Bank - went on to say financiers must be prepared to take action to win back the trust of consumers.
By Tony Aynsley