Financial transaction tax agreed across EU, but not by Ireland and UK
A financial transaction tax has been agreed by 11 Eurozone countries.
The controversial tax would see a percentage paid on every transaction of stocks and shares.
The levy has been seen as a way of making banks, hedge funds and traders pay a price for the financial crisis.
But Ireland, along with Britain, will not be implementing the tax.
Speaking in Luxembourg today, Finance Minister Michael Noonan explained why.
"We have 33,000 people working in financial services, the bulk of them in Dublin," he said.
"If we were to accept a financial transaction tax and London didn't, there would be a transfer of business from Dublin to London and a lot of jobs could potentially be lost.
"That's the fundamental reason (for not accepting the tax)."
