Opposition to Europe’s proposed Financial Transactions Tax among investors is rising following the European Parliament’s decision to authorise 11 of its member states to push ahead with its introduction by 2014.

France has already gone ahead with the introduction of a 20 basis point tax on the purchase of shares in companies worth in excess of €1bn. Italy authorised the introduction of its version of FTT on shares and derivatives. Spain has been discussing a draft FTT bill.