Simon Lewis, Chief Executive, AFME, has issued the following statement concerning the Financial Transaction Tax (FTT), on conclusion of the ECOFIN meeting today:

“The intention of the participating Member States to introduce an FTT by 2016 is disappointing. Although the evidence continues to show that such a tax will have serious harmful economic effects for end-users of financial markets throughout Europe, the participating Member States are working towards imposing a tax on transactions in equities and certain types of derivatives.

“This would have a negative impact on growth and jobs, while creating uncertainty for investors by leaving the door open for further taxation through the step-by-step approach that is now envisaged.”

-ENDS-