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The CBI yesterday 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.”

Notes to Editors:

The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.

Media Contact:

CBI Press Office on 020 7395 8239 or out of hours pager on 07623 977 854.

Follow the CBI on Twitter at: http://www.cbi.org.uk/ndbs/press.nsf/0363c1f07c6ca12a8025671c00381cc7/15cb84083def8ba28025784d005f2f3b?OpenDocument