EU’s top court throws out British challenge to Financial Transaction Tax

BRUSSELS – The European Union’s top court has dismissed a British challenge to the introduction of a tax on financial transactions by 11 European nations as premature.

Even though the EU’s largest economies are pushing for the levy, Britain sought to challenge it because the City of London is the continent’s biggest financial hub and the measure could undermine the global competitiveness of its banks.

The tax system is pursued under EU’s “enhanced co-operation” provision which allows some countries to press ahead with more integration if an overall deal is not possible.

The court ruled however that since such a tax has yet been fully introduced, it could not examine the essential consequences of the deal.

Britain could still challenge the tax at a later stage.

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