WIREDGOV

The CBI commented ahead of the publication of proposals for a Financial Transaction Tax (FTT) by the European Commission.

Matthew Fell, CBI Director for Competitive Markets, said:

“The Commission’s FTT proposals are now significantly different from its initial plans, so the impact on growth and jobs must be assessed before proceeding.

“It is particularly worrying that the increased scope of the tax will now cover businesses’ risk management activities, as well as hitting financial services in non-participating member states, like the UK, because of extra-territoriality.”