Lord Turner, chairman of the Financial Services Authority should be sacked on the spot for floating the idea of a tax on City of London transactions, says UKIP Leader Nigel Farage.
Mr Farage, who spent 20 years as a City commodities trader said: "Lord Turner must go.
"As head of the City's regulating body, he has just suggested a move that would guarantee the collapse of our country's most vital services industry.
"What is he on?
"If the Tobin tax, a tax on every speculative transaction, was the answer to our economic problems then it would have taken hold when first mooted 30 years ago.
"The fact that it didn't proves it's another purely academic fantasy that has no place in the real world.
"The chancellor, Alistair Darling, should bite the bullet and admit that Lord Turner's appointment as head of the FSA was a mistake and that his position is no longer tenable.
"For the good of the City and of Britain's biggest industry, Lord Turner must go."