View the article online at http://citywire.co.uk/wealth-manager/article/a748662
Top European court rejects Osborne’s Robin Hood tax challenge
by Dylan Lobo on Apr 30, 2014 at 12:18
‘The governments pushing for the tax have already admitted that it is imperfect; it is time to let go of this punitive measure which will damage the savings of hardworking EU citizens and focus on effective fiscal policy which can create a thriving and sustainable banking culture.’
CLC estimates the FTT in its current form would cost the UK £3.6 billion even though the UK is not planning to participate.
‘The UK’s economic recovery has been hard-fought; it should not be stalled by a £3.6 billion tax on British household savings,’ Boleat said.
The Confederation of British Industry (CBI) was also scathing. 'This decision about legal procedure doesn’t change the fact that the financial transactions tax will damage growth, jobs and investment across Europe,' CBI chief policy director Katja Hall said.
'It will have a far-reaching impact on non-participating member states, by including extra-territorial reach into financial services activity conducted in the UK.'
'As the UK’s largest single trading partner, a healthy European economy is in everyone’s interests so we urge that this damaging tax is re-considered.'
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by Dylan Lobo on Jul 28, 2014 at 15:00