Speaking in London, Algirdas Semeta, EU Commissioner for Taxation referred to the Financial Transaction Tax, he said: "I am well aware that there has been some controversy over this proposal in the UK, focused mainly within this Square Mile. Let me reassure you: the FTT is not an attack on the City of London."

He added: "As Europe's largest financial centre, the City is integral to the Single Market and it is in all our interests for it to be strong and stable. We have been extremely careful in the design of this tax. The competitiveness of Europe's financial sector will not be harmed."  

"Coordinated tax policies within the EU mean better quality revenues for Member States, a more attractive environment for business and a more acceptable tax system for citizens. As Member States look for new resources, it is my duty to ensure that taxation helps, rather than hinders, our collective return to growth and prosperity," said Semeta.

Speaking at a stakeholders event in the City of London, organised by the Lithuanian City of London Club, Commissioner Semeta outlined recent tax policy initiatives of particular importance for the financial sector: CCCTB, the agreement with USA on FATCA, and the Financial Transactions Tax.