The implications of Europe’s rejection of the UK’s challenge to the controversial transaction tax
The decision, widely
expected by market participants, comes from the European Court
of Justice (ECJ), which ruled the challenge premature as EU
member states had not finalised the levy.
The UK is strongly
opposed to the introduction of a 0.01% financial transaction
tax on derivatives, which market experts have told FOW could
harm liquidity in the market.
Chancellor of the
Exchequer, George Osborne, has described the tax as a bullet
aimed at the heart of London.
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