BRITAIN is to block plans for a Europe-wide tax on financial transactions designed to give the EU Commission in Brussels its own source of funding, Financial Mail has learned.
The Euro-tax proposal, expected to be tabled early in the New Year, would threaten the City's position as a leading financial centre and offend Britain's view that tax is a key area of national sovereignty.
'We are trying to build a majority of European Union member states against this idea,' said one senior British Government source, 'but if it comes down to it, we will use the national veto.'
The tax would be levied on capital movements across national frontiers whether for investment or speculation and, depending on the rate at which it was set, could raise some or all of the EU's £65bn annual budget.
As Europe's leading financial centre, Britain believes it has the most to lose. France's President Jacques Chirac by contrast, has spoken in favour of such a tax, albeit as a way of raising money for developing countries rather than as a source of funding.
Oh, well, Jacques would, wouldn't he?* I thought that the one benefit that we had whilst in this ridiculous union was supposed to be free trade between members; if you are going to start taxing money transfers between member states, then it's hardly free, is it?
And does anyone seriously think that countries' contributions would go down even if the EU did raise substantial amounts of money? No, it would just be another tax on business (and pay rise for commissioners, such as this vacuous twat, and this useless tit), helping to further mire the EU in the economic disaster of its own making.
Let's hope that our "elected" representatives do actually find some backbone and veto this stupid, stupid, stupid proposal.
*As we all know, the "crook" (not to be confused with the "Nazi") has an investigation pending. He made himself immune whilst President, but he cannot serve another term (unless he alters that too). Does anyone else think that, on the eve of his end-of-term, we'll get a communique from Jacques from Colombia, or somewhere else with no extradition treaty?