Financial tax: ‘Ireland was right to opt out’

The implementation of a financial transaction tax has had a disastrous effect on the countries that have implemented it, according to Financial Services Ireland.

Financial Services Ireland, an Ibec group that represents the financial services sector in Ireland, praised the Government for opting out of the financial transaction tax following the publication of a report by PricewaterhouseCoopers which found that the tax resulted in higher costs on households and businesses.

Director of Financial Services Ireland, Brendan Bruen, said that implementation of this type of tax, which is a levy on every financial transaction, would drive jobs out of Europe.