House of Lords committee slams Europe’s proposed Tobin tax

The European Union Committee of the UK House of Lords slammed proposals by the European Commission (EC) to introduce a financial transaction tax (FTT) to the European Union.

In its report, Towards A Financial Transaction Tax?, released on March 30, the committee said it had found the FTT model as "wanting" and likely to result in lowering of GDP in the European Union. "We have found the commission's proposed model wanting in many respects, and unlikely to fulfil the objectives that the

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