UK Lords committee takes on financial transaction tax

Houses of Parliament

The introduction of a financial transaction tax (FTT) across the European Union will seriously threaten the future of the City of London and could force banks to flee the EU altogether, the UK's House of Lords has warned.

The proposal for the FTT was first tabled by the European Commission (EC) in September 2011 and has been the object of widespread criticism across the financial services sector, particularly in the UK. Foreign exchange industry bodies have also lobbied against the FTT, claiming

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