Ten EU finance ministers have agreed on ‘core principles’ for the financial transaction tax this week, but Estonia has pulled out, reportedly due to concerns that most of the shares traded by its financial institutions are issued outside the participating group, meaning that the cost of collecting the tax compared to revenues would not make it worthwhile. Details of the exact tax rate, its application and the allocation of its proceeds still need to be agreed before a final deal is signed by the new deadline of June 2016. George Osborne has since voiced his opposition to the tax, stating that the UK was ready to take legal action if the proposal implicates the UK, other non-participating states and impacts on the single markets.