French FTT will only benefit UK, says Financial Secretary
01 February 2012
Joe Dalton
Banks will leave France and relocate their financial transaction branches to the UK and other jurisdictions if President Nicolas Sarkozy goes ahead with the financial transactions tax (FTT), according to UK Financial Secretary to the Treasury Mark Hoban.
Speaking before a House of Lords EU sub-committee yesterday, Hoban said the UK’s decision to oppose the introduction of a FTT will not be influenced by Sarkozy’s pledge to adopt the tax by August this year.
“When Sweden introduced a FTT it helped to boost the financial sectors in Denmark and the UK,” said...
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