FTT could hit UK financial sector even if it opts out
24 January 2012
Salman Shaheen - ITR
The UK Lords Select Committee on the EU today heard the fears of financial institutions on the European Commission’s proposed financial transactions tax (FTT).
The UK government has repeatedly stated its opposition to the Commission’s plans for a FTT, making it clear that it will not implement the tax unless it is adopted globally, which remains a remote prospect despite the enthusiasm of France and Germany.
Despite this, in evidence to a House of Lords committee, Nigel Fleming, managing director of asset management firm BlackRock, said that the...
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