UK fails to block tax proposals

The European Court of Justice has rejected an attempt by the UK government to block the financial transaction tax (FTT), which will impose a levy on share dealings and other similar deals.

Sometimes known as the Robin Hood Tax, the FTT has been backed by the unions who hope that, as well as raising money from financial institutions, it will also deter some forms of speculation.

The tax is backed by 11 EU member states, including Germany, France, Italy and Spain, but opposed by the UK.

The UK failed in its bid, as the court ruled that the 11 countries had not yet introduced the tax, but simply agreed to cooperate to do so.

www.theguardian.com/business/2014/apr/30/uk-opposition-to-financial-transaction-tax-george-osborne