German Courting of London Banks May Falter on Tobin Tax Pledge
- Financial levy could put off banks considering move from U.K.
- Finance ministers meet in Brussels on Thursday to discuss tax
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Germany’s efforts to lure U.K.-based banks unsettled by Brexit may stumble over an obstacle of its own making -- a proposed tax on financial transactions.
Chancellor Angela Merkel’s government remains committed to the levy, though some lawmakers in her party question the wisdom of pursuing it as Frankfurt competes with Paris, Dublin and other cities for banking jobs expected to be relocated from London, according to a person with knowledge of the matter.