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- The “new” proposal for a Council Directive implementing an FTT in just 11 EU Member States (FTT-zone) will lead to significant costs on savings and reduction in future pension levels of EU citizens. EU savers in UCITS will pay EUR 13 billion of FTT annually.
- This comes at a time when governments need to do more to encourage long-term savings by citizens and reduce reliance on the State for retirement provision. The FTT proposal goes in the opposite direction – it punishes savers.
- The implementation of the FTT in a limited number of EU Member States will cause distortions to the Single Market, creating incentives to relocate Asset management activities outside the FTT-zone (causing job losses in the financial sector and therefore negative consequences for the...
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