ECJ rejects UK opposition to Tobin tax
The European Court of Justice (ECJ) has blocked Britain’s legal challenge to the financial transaction tax, or ‘Tobin Tax’, going ahead.
The court said the UK could not block attempts by 11 countries - including Germany, France, Italy and Spain - to use a tax on financial transaction because it was not yet in operation.
The ECJ said in a statement: “The court dismisses the United Kingdom's action.
“…the contested decision does no more than authorise the establishment of enhanced cooperation, but does not contain any substantive element on the FTT itself.”
The move will come as a...