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London First responds to plans for EU Financial Transactions tax

Responding to plans for a EU Financial Transactions tax, Baroness Jo Valentine, Chief Executive of London First, said:

“The European Commission’s own research has already estimated that this tax could reduce long term growth by over 1.75% annually. Taxing-footloose financial service transactions in London and the rest of the EU, but not in other financial centres like New York and Singapore will result in less business being done here – leading to fewer jobs, lower tax revenues and less business for all those companies who service the sector.”

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