Fight to prevent transactions tax

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The UK government has launched a legal challenge against plans for a European ­financial transactions tax (FTT) amid fears it could have a damaging impact on the UK.

George Osborne said an application had been lodged at the EC of Justice to challenge the decision allowing 11 members of the European Union to press ahead with the plans. The UK is concerned that the FTT could be imposed on British firms trading with businesses based in countries which adopt the tax.