UK takes dim view of EU tax

Weekend Argus (Saturday Edition) - - BUSINESS -

LON­DON: A Euro­pean tax on fi­nan­cial trans­ac­tions could cost Bri­tain’s econ­omy up to 20 times the amount it raises, a com­mit­tee of law­mak­ers said yes­ter­day.

Bri­tain has said a trans­ac­tion tax, dubbed a Tobin Tax af­ter the US econ­o­mist who de­vised it in the 1970s, would only work glob­ally and the EU plans are “deeply con­fused”.

Bri­tain is fiercely op­posed to the pro­posed fi­nan­cial trans­ac­tion tax (FTT), which the Euro­pean Union said could raise € 57 bil­lion a year if im­ple­mented across the bloc.

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