video Business
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.
▲ Hide Transcript
▶ View Transcript
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.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code
UK financial trade tax challenge fails
Wednesday, April 30, 2014 - 01:28
Top News »
2:40pm GMT - (2:20)
2:50pm GMT - (1:20)
1:51pm GMT - (1:15)
10:59am GMT - (2:34)
7:55am GMT - (2:18)
Sun, 24 Mar, 2019 - (1:21)
Sun, 24 Mar, 2019 - (2:07)
Sun, 24 Mar, 2019 - (1:33)
Sun, 24 Mar, 2019 - (2:08)
Sun, 24 Mar, 2019 - (1:21)
Sun, 24 Mar, 2019 - (2:07)
Sun, 24 Mar, 2019 - (1:03)
Editors' Picks »
Sun, 24 Mar, 2019 - (1:51)
Sun, 24 Mar, 2019 - (1:14)
Fri, 22 Mar, 2019 - (1:54)
Fri, 22 Mar, 2019 - (2:09)
Thu, 21 Mar, 2019 - (1:26)
Thu, 21 Mar, 2019 - (1:10)
Thu, 21 Mar, 2019 - (1:57)
Wed, 20 Mar, 2019 - (1:43)
Tue, 19 Mar, 2019 - (2:02)
Tue, 19 Mar, 2019 - (2:01)
Featured Videos
Mosul coffee shop radio shares message of hope
A radio station in the Iraqi northern city of Mosul, once a stronghold of the Islamic State, starts broadcasting from a local cafeteria, in an effort to help residents return to normal life
England Rugby fans set off on epic cycle ride to Japan
Two rugby fans and amateur cyclists dubbed 'The Hairy Handlebars' set off on their epic 6,000 mile journey from London to Tokyo to raise money for charity
Found it! New York button shop saves the day
Tender Buttons, a narrow little New York shop, has specialized in solving the fashion crises of customers who are desperate to find just the right button since the 1960s
Europe's first underwater restaurant opens in Norway
The unusual concept has already attracted more than 7,000 people who've booked to eat with the fish
La Liga eyes bigger slice of African football pie
Spain's La Liga is adopting a hands-on approach as it looks to grow its popularity on the African continent
Technology »
Sun, 24 Mar, 2019 - (2:14)
Fri, 22 Mar, 2019 - (1:25)
Wed, 20 Mar, 2019 - (1:42)
Wed, 20 Mar, 2019 - (1:23)
Wed, 20 Mar, 2019 - (2:08)
Tue, 19 Mar, 2019 - (1:34)
Tue, 19 Mar, 2019 - (2:26)
Mon, 18 Mar, 2019 - (1:24)
Fri, 15 Mar, 2019 - (2:11)
Fri, 15 Mar, 2019 - (1:30)
Entertainment »
Fri, 22 Mar, 2019 - (1:40)
Fri, 22 Mar, 2019 - (1:00)
Fri, 22 Mar, 2019 - (1:19)
Thu, 21 Mar, 2019 - (1:33)
Thu, 21 Mar, 2019 - (2:15)
Thu, 21 Mar, 2019 - (2:08)
Thu, 21 Mar, 2019 - (2:10)
Wed, 20 Mar, 2019 - (1:36)
Wed, 20 Mar, 2019 - (1:48)
Sports And Leisure »
10:24am GMT - (1:29)
10:22am GMT - (1:30)
10:21am GMT - (1:32)
Fri, 22 Mar, 2019 - (1:03)
Thu, 21 Mar, 2019 - (1:26)
Thu, 21 Mar, 2019 - (0:52)
Thu, 21 Mar, 2019 - (1:19)
Wed, 20 Mar, 2019 - (1:31)
Tue, 19 Mar, 2019 - (0:57)
Mon, 18 Mar, 2019 - (1:45)
Oddly Enough »
1:12pm GMT - (1:08)
Thu, 21 Mar, 2019 - (0:56)
Wed, 20 Mar, 2019 - (1:59)
Wed, 20 Mar, 2019 - (1:30)
Wed, 20 Mar, 2019 - (0:43)
Wed, 20 Mar, 2019 - (1:01)
Tue, 19 Mar, 2019 - (0:38)
Mon, 18 Mar, 2019 - (0:47)
Fri, 15 Mar, 2019 - (0:53)