Lords debate Financial Transaction Tax: Alive and deadly

The report focuses on the decision by 11 Member states to go it alone and pursue a Financial Transaction Tax. The Committee strongly criticised the European Commission for its failure to take into account the interests of non-participating Member States, including the UK, in particular given that the consequences for non-participants would be serious. Whilst welcoming the steps taken to launch a legal challenge, the Committee also criticise the UK Government for their reluctance over several months to take seriously the Committee’s arguments and concerns.