Former U.K. Chancellor Nigel Lawson says London will suffer even if the U.K. doesn't participate in a proposed financial-transaction tax in Europe. The levy would "drive financial business away from the EU," including the U.K., Lawson says. "There are only two world-class financial centers: London and New York," he said. "That it should be considered in the interests of Europe to drive business away from London to the benefit of New York is both perverse and unacceptable."

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Bloomberg, BBC

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