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UK financial trade tax challenge fails

Wednesday, April 30, 2014 - 01:28

April 30 - Europe's highest court has rejected Britain's legal challenge to the introduction of a financial transactions tax but as Ivor Bennett reports the fight isn't over yet.

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It's Europe's top financial trading centre but for how much longer? The region's highest court rejecting Britain's legal challenge to the introduction of a financial transactions tax. (SOUNDBITE) (English) PRESIDING JUDGE ROSARIO SILVA DE LAPUERTA, SAYING: "The Court's second chamber hereby: One, dismisses the action; two, orders the United Kingdom of Great Britain and Northern Ireland to pay the cost." The costs will hurt but not nearly as much as the tax itself. Financial services account for 10% of Britain's economy. The government argues it will hit London harder than most. And the fight's not over yet, says IG's Alastair McCaig. SOUNDBITE: Alastair McCaig, Market analyst, IG, saying (English): "The British government have already stated that they will appeal again and by the same token we've seen eleven countries in the EU who have stated that they will take this onboard although they don't know how they're going to fully implement this so until they know exactly what they're going to do, I guess the UK has a difficult task in trying to battle their thoughts." The UK will be left red-faced by this latest legal failure. It recently lost another challenge to a ban on the short-selling of shares. And it's still awaiting the outcome of an appeal against a curb on banker bonuses. No-one can accuse Britain of sitting on the fence when it comes to new restrictions. And it's actions could still influence the final law - the 11 countries behind the tax haven't yet decided exactly how it will work.

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