CBI comments on ECJ ruling on FTT

The CBI commented on a ruling from the European Court of Justice on the introduction of a Financial Transactions Tax.

Katja Hall, CBI chief policy director, said: “This decision about legal procedure doesn’t change the fact that the Financial Transactions Tax will damage growth, jobs and investment across Europe.

“It will have a far-reaching impact on non-participating member states, by including extra-territorial reach into financial services activity conducted in the UK.

“As the UK’s largest single trading partner, a healthy European economy is in everyone’s interests so we urge that this damaging tax is re-considered.”