U.K. Chancellor George Osborne is concerned about a proposed tax on financial transactions in some European nations, calling it "unlawfully extraterritorial" and saying it would slow economic growth. Osborne suggests that officials limit the scope. "If this FTT is to proceed, then I believe it should be significantly scaled back, with the objective of growth central to the thinking of policymakers in any redesign," Osborne wrote in a letter published by the Treasury. "The UK stands ready to support in these discussions."

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