U.K. groups voice concerns about European transaction tax

05/22/2013 | Bloomberg · Financial Times (tiered subscription model)

The Confederation of British Industry, the British Bankers' Association and U.K. manufacturers organization EEF have written in a joint letter to EU leaders that a proposed financial-transaction tax would make the bloc less competitive and therefore risk derailing economic recovery. "The FTT is fundamentally a tax on growth and should be viewed as a major risk to Europe's ability to recover," according to the letter. Meanwhile, officials in the largest eurozone nations are looking to market infrastructure to help them collect the tax.

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