Peers reject "flawed" EU transaction tax
April 2nd 2012 The power of lobbies
LONDON (Reuters) - Britain must veto European Union plans to tax financial transactions as they are flawed and would likely prompt banks to relocate, a House of Lords' report said on Friday.
A report from Corporate Europe Observatory (CEO) released on Thursday said the financial industry had been successful in mounting a "full scale scaremongering lobby" against the tax.
"With the proposals now to be decided by the EU Council, which requires unanimity on taxation issues, Europe's financial transaction tax looks destined for the dustbin," said CEO, which tracks EU-focused lobbying.