BRUSSELS, April 30 Europe's highest court
rejected on Wednesday Britain's legal challenge to the
introduction of a financial transactions tax (FTT) in Europe,
dealing a blow to London's efforts to stop a levy that may hit
its trading business.
In the ruling, the European Court of Justice said that
Britain could not at this stage block an attempt by 11 countries
to impose the levy on the grounds that it would also hit trades
involving banks or brokers in London.
The countries that signed up to the project, it said, had
yet to finalise how the tax will work.
"The Court dismisses the United Kingdom's action," the court
said in a statement.
"The Court finds that the contested decision does no more
than authorise the establishment of enhanced cooperation, but
does not contain any substantive element on the FTT itself."
(Reporting By John O'Donnell; editing Robin Emmott)