European financial tax - is the City worth saving?
It is not just eurosceptics who are opposed. Simon Tilford of the CER, told Channel 4 News: "I think a transactions tax would only work if agreed globally. Europe moving unilaterally would achieve little. It would almost certainly lead to activity relocating from major European financial centres to those outside the EU. Because the Americans are stoutly opposed, it would be unwise for Europe to push ahead with this."