DAVID CAMERON was making no attempt to hide his displeasure after Europe made another attempt to persuade him to agree to a financial transactions tax – sometimes called the Tobin tax.
Having been locked in debate for some six hours last night, Cameron left the meeting having had “good” discussions with his fellow EU leaders, and said they had offered some “innovative” ideas.
There were, though, some “bad” ideas proposed, too, not least the Tobin tax, which would effectively be a tax aimed at the City.
Cameron told The Telegraph: “The financial transactions tax is a bad idea – it will put up the cost of people’s insurance, put up the cost of people’s pensions, and it will cost many, many jobs. It will make Europe less competitive and I will fight it all the way.”
The fact that the financial transaction tax was raised again suggests it will become a key element of the agenda at the formal EU summit next month.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states