European Court of Justice rules against UK challenge to FTT

News out a little earlier and a knock-back for the City of London/UK govt who have said it is prepared to take further legal action.

A UK treasury spokesman says:

The government is determined to continue to ensure that the interests of countries outside of the single currency, but inside the single market, are properly protected

The Financial Transaction Tax aims to raise public funds and discourage speculative trading by taxing the transactions of shares, currencies and bonds.

Of the 27 EU member states, the 11 so far going ahead with the FTT are Germany, France, Italy, Spain, Belgium, Austria, Portugal, Greece, Slovenia, Slovakia and Estonia.

The BBC has more here