The City of London would be the biggest loser from the financial transaction tax being proposed by core eurozone countries – including France and Germany - according to a revealing chart produced by the Alternative Investment Management Association.

Based on research by Stephan Schulmeister of the Austrian Institute of Economic Research, the Aima chart shows that 71% of the geographical incidence of the FTT on equities, bonds and derivatives trading - levied at 0.1% - would occur in the UK.