Despite initial assertions that it would not block the plans for enhanced cooperation planned by 11 EU member states in support of a European tax on financial transactions, London seems to have changed course. At the November 7th COREPER meeting, the UK expressed new demands that caught pro-FTT member
states by surprise. London’s effort to block this important initiative for a more equitable taxation system is apparently supported by Luxembourg, Sweden and Ireland. A political agreement (not necessarily a formal vote) is expected to be reached at the ECOFIN meeting of 4 December.