TheCityUK comments on European Commission proposals for a financial transactions tax

28 September 2011

Chris Cummings, CEO of thinktank TheCityUK, issued a comment on the European Commission's adopted proposals for a financial transaction tax, saying they need careful scrutiny.

Cummings commented: “Citizens of the EU are concerned with jobs and kick-starting their economies, which can only be achieved if businesses inside and outside the area continue to invest. The financial transaction tax (FTT) makes the EU a less attractive place to do business, reducing trade and investment volumes and the taxes paid on them.

The FTT proposals need careful scrutiny. Unless they are implemented consistently across the globe, the real impact will be felt by EU citizens at a time when they need most protection and EU businesses at a time when they need to be highly, and increasingly, competitive.”

Press release

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