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Labour to Expand U.K.'s Financial Transaction Tax If Elected

  • McDonnell says party accepts broad principles of new report
  • Report calls for tax on FX trades, interest-rate derivatives
John McDonnell
John McDonnellPhotographer: Simon Dawson/Bloomberg

The opposition Labour Party would seek to expand a tax on financial transactions if it is elected to government, according to the party’s Treasury spokesman John McDonnell.

The party accepts the broad principles of a report published Thursday calling for the tax to cover foreign-exchange transactions, interest-rate derivatives and commodities, McDonnell said. Specific details will be announced as part of Labour’s process for deciding its manifesto commitments.