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 a.atkinson@bloomberg.net

To contact the editor responsible for this story: Andrew Atkinson at a.atkinson@bloomberg.net

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