Simon Lewis, Chief Executive, AFME, has issued the following comment on today’s European Court of Justice (ECJ) ruling on the Financial Transaction Tax (FTT):
“Given the seriously damaging implications of the proposed Financial Transaction Tax, we are disappointed by the European Court of Justice’s decision. However, the judgment is focused on procedural matters, and this has always been a possible outcome.
“We urge the 11 countries involved to take the opportunity to revisit the need for a tax that will act as a brake on economic recovery in Europe by increasing costs to investors and companies. All the evidence continues to show that the proposed transaction tax will have serious harmful economic effects for end‐users of financial markets throughout Europe – not only within the 11 member states that are considering it. Against this background, the UK was right to mount a legal challenge.”