CBI welcomes Government decision on Financial Transaction Tax

24 Oct 2012 03:05 PM

The CBI responded to the UK Government’s decision not to adopt the European Financial Transaction Tax (FTT).

 

Matthew Fell, CBI Director for Competitive Markets, said:

 

“The Government has made absolutely the right decision not to adopt the European Financial Transaction Tax in the UK. At a time when we should be completely focused on growth this tax could have the opposite effect by increasing the cost of capital for businesses. It would also fall heavily on investors, including people saving for their future through pensions and other financial products.

 

“At the same time, the FTT risks putting us at a competitive disadvantage compared with other international financial centres like New York or Hong Kong, diverting financial activity away from the UK to these other jurisdictions.”

 

 Notes to Editors:

The CBI Annual Conference 2012, Forging a New Economic Future, will take place on Monday 19 November at the Grosvenor House Hotel in London, featuring an exceptional line-up of business and political speakers.

All media wishing to access the conference venue must be accredited. This can be done through the CBI website - you will need to submit a digital passport-style photo for the conference ID badge.