Algirdas Šemeta, the EU Commissioner for Taxation and Customs Union, Audit and Anti-Fraud, spoke on the proposed European financial transaction tax (FTT) in a recent speech given to representatives from the financial sector in London.  He said the FTT was not an attack on London. He said the tax had been carefully designed so it would be the same regardless of where transactions take place, making relocation pointless. He also said he believed the UK could gain a lot from the FTT, as the amounts raised can be used to boost public finances – unlike City bonuses. (Source: EU Commissioner Speaks on FTT)