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The CBI yesterday responded to an announcement by José Manuel Barroso, the European Commission President, that the Commission has adopted a proposal to set up a Financial Transaction Tax (FTT).

Dr Neil Bentley, CBI Deputy Director-General, said:

“The European Commission’s decision to press ahead with a Financial Transaction Tax is completely misguided at a time when it’s clear that Europe needs a relentless focus on growth. The Commission’s own official impact analysis shows that the proposed tax could dent long-run EU gross domestic product by more than €100 billion.

“The FTT is a crude instrument that would increase the cost of capital for businesses, hold back their growth potential and raise minimal revenue in return. It would be particularly damaging to the UK, as Europe’s leading financial centre, as it would divert activity to other financial hubs like New York or Hong Kong.”

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: www.cbi.org.uk/twitter






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