No panic over European tax plans

European proposals for a tax levied on financial transactions will be more of a problem for the City of London than the Isle of Man

That reassurance has come from Treasury Minister Eddie Teare.

In the wake of the Euro zone bailout of Greece, the European Commission is pressing ahead with the idea of a transactions tax.

A Commission statement suggests that it would be 'an appropriate way to ensure the financial sector makes a fair contribution to the cost of the financial crisis'.

It believes the sector is currently 'under taxed', but Mr Teare says in this case the United Kingdom will be in the firing line: