The world’s largest banks have warned European finance ministers that plans to impose a Financial Transactions Tax (FTT) could deepen the Continent’s sovereign debt crisis.
by Robert Watts, The Telegraph:
In a strongly-worded letter, the International Banking Federation (IBF) also said that the “cascade effect” of the proposed levy would hit ordinary citizens and businesses of all sizes and from all sectors.
Germany, France and nine other European states are pressing ahead with the new transactions tax, which they hope will discourage speculative trading and bolster debt-laden public finances.
Although Britain has opted out of the FTT, George Osborne recently launched legal action against the plan. The Chancellor believes the levy will discourage trades with the City of London.
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