TaxCorporate TaxCameron outraged as EU tries to tax City

Cameron outraged as EU tries to tax City

The prime minister says he will "fight" EU plans to introduce a financial transactions tax, which could hit the City hard

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.

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