London Chamber of Commerce Warns on Transaction Tax
The London Chamber of Commerce and Industry has described plans for a Financial Transaction Tax within parts the EU as potentially “particularly damaging” for London’s financial services industry and for businesses that support the financial sector.
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The assessment appears in a new report by the LCCI, on how businesses in London regard the value of EU membership. Eleven Eurozone countries have agreed to implement the tax, under provisions for enhanced cooperation within the EU. It explains that the tax will apply to many types of transaction in Euros involving a member state within the FTT zone, and it argues that London would be disproportionately affected “as it is a major hub for euro trading,” even though the UK will not be part of the FTT zone.