EU to get financial transaction tax despite strong opposition | Bangkok Post: news

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EU to get financial transaction tax despite strong opposition

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The EU finance ministers backing a controversial financial transaction tax agreed Tuesday to introduce it from 2016 despite strong opposition led by Britain which promised to challenge the levy if it harms its interests. 

Workers walk past clocks in Canary Wharf, a major business district in east London

The tax was needed, they said, to remedy the failings of the financial markets which plunged the world into crisis in 2008 but sceptics have charged them with political grandstanding ahead of European elections May 22-25.

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