Finance ministers delay decision on introducing financial transaction tax

The EU has kicked any decision on introducing a financial transaction tax to further in the year following a wide-ranging but inconclusive discussion of the bill by finance ministers.

Ireland fears that introducing such a tax would force companies that deal with financial trading including hedge funds to countries that do not have it, including London, which has said that it will not impose the tax.

Michael Noonan, the finance minister, argues that Ireland would only be in favour of introducing this tax if it was introduced globally.