Warning over EU 'transaction tax'

Press Association
Euro sign outside European Central Bank, Frankfurt, Germany
Euro sign outside European Central Bank, Frankfurt, Germany

%VIRTUAL-SkimlinksPromo%Ministers have been accused of complacency over the threat to the City from plans by a breakaway group of EU member states to go ahead with a tax on financial transactions.

The House of Lords EU sub committee on economic and financial affairs warned that the imposition of the so-called "Robin Hood tax" could have a "significant detrimental effect" on all member states, whether or not they join up.