CBI comments on EU vote on financial transaction tax
The CBI today commented on the vote in the European Parliament in favour of the European Commission looking into the introduction of a Financial Transaction Tax (FTT). Sean McGuire, Director of CBI Brussels, said:
"We have serious concerns about the introduction of a Financial Transaction Tax. This would hamper the EU's long-term competitiveness as a leading centre for financial services companies, and ultimately have a negative impact on jobs and growth.
"The IMF has already rejected the idea of an FTT because it will ultimately fall on consumers, as businesses pass on the extra cost burden by increasing prices."