Financial Tax Would Need to Apply Globally, U.K. Treasury Says

Any tax on financial transactions would need to apply globally and “there are a number of practical issues that need to be worked through,” the U.K. Treasury said in a statement today.

The European Union today proposed a financial-transactions tax that would take effect in 2014 and raise about 57 billion euros ($78 billion) a year.

The plan would set minimum tax rates for financial transactions throughout the 27-nation EU, the European Commission, the EU’s Brussels-based executive, said today in a statement. It would assess trading of stocks and bonds at a 0.1 percent rate, with a 0.01 percent rate for derivatives contracts.

To contact the reporter on this story: Andrew Atkinson in London at

To contact the editor responsible for this story: Andrew Atkinson at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.