UK Treasury Secretary sues over 11 countries' adoption of financial transactions tax.

[pampango]

George Osborne to challenge proposed financial transaction tax in court

Britain is mounting a legal challenge to plans by 11 European nations to adopt a new financial transactions tax amid concerns that the plan will affect banks and institutions in countries outside the scheme.

The scheme, also known as a Tobin tax, would put a levy on all euro transactions anywhere in the world. But hopes for it suffered a setback when George Osborne said in Washington that the UK was taking the case to the European court of justice (ECJ).

Supporters of the financial transaction tax criticised Osborne's decision. Owen Tudor, spokesman for the Robin Hood Tax campaign, said: "This isn't about defending British interests against Europe – it's about defending one rather rich square mile against the wishes of people in Britain and across Europe.

"Not content with letting our banks off scot-free, Osborne now wants to prevent European countries from making their financial sectors pay to repair the damage caused by the crisis.

http://www.guardian.co.uk/law/2013/apr/19/uk-legal-challenge-financial-transaction-tax

[dipsydoodle]

1. Challenging.

Not suing.

[pampango]

2. Thanks for the correction. n/t