CBI RESPONDS TO CALL FOR A EUROPEAN FINANCIAL TAX
18 Aug 2011 02:20 PM
The CBI yesterday responded to a call from the German Chancellor, Angela Merkel and French President Nicolas Sarkozy to revive proposals for a European Financial Transactions Tax (FTT).
Dr Neil Bentley, CBI Deputy Director-General, said:
“To consider the introduction of a Financial Transaction Tax at a time when we should be totally focused on promoting growth is a mistake. Such a tax could have the opposite effect, increasing the cost of capital for businesses and holding back their growth potential.
“This tax would divert transactions to other jurisdictions, like New York and Hong Kong, damaging the UK’s long-term competitiveness as a leading centre for financial services companies, and it is unlikely to raise significant revenues.”
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