EU could push for Tobin tax

THE EUROPEAN UNION could propose the introduction of a Tobin tax in its Budget this week to increase its revenue-raising powers.

EU officials have said that a tax on financial transactions is a “leading option” under consideration by the European Commission, the Financial Times has reported.

Although Britain remains opposed to the “Tobin tax”, the Commission is committed to generating its own revenue by 2014.

Andreas Schwarz, a member of the budget commissioner’s cabinet, said: “The commission will make a proposal in this respect and it will be an ambitious one” with regards to expanding the EU’s resources.

Commission officials insist they will not push for a direct tax and the revenue raised from any proposals will offset member countries’ national contributions, the FT reported.

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