Commentary: City supports U.K. challenge to Europe's FTT

Roger Gifford, lord mayor of the City of London, writes that the financial sector widely supports the U.K. government's legal challenge to a proposed financial-transaction tax in Europe. "The extra-territorial nature of this tax, as proposed, means that many countries -- including the UK -- that are not planning to introduce it, would still be negatively affected," Gifford writes. Meanwhile, the International Banking Federation says the tax would not only worsen the Continent's sovereign-debt problems but also trickle down and broadly -- and negatively -- affect residents and businesses.

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