Wednesday, 4th January 2012
As France's Europe Minister revealed a Financial Transaction Tax will be in place by the end of the year, UKIP urged David Cameron to defend the interests of Britain and veto the plan.
The proposal for the levy would incur huge and disproportionate costs on the City of London which would also affect UK consumers.
France's Europe Minister, Jean Leonetti, today announced on French TV that the tax would be in place by the end of 2012.
According to Leonotti, France and Germany were in agreement while all bar two other EU countries were acquiescent.
UKIP Leader Nigel Farage said: "It comes as no surprise that France and Germany are in full agreement on this tax. Why wouldn't they agree to raid Britain to fund their own failures?
"David Cameron has to block this proposal. It is not in Britain's interests, it will be immensely damaging and cannot be allowed to happen. It is no surprise that the only other country apart from Britain which is unhappy with the Franco-German proposal is Sweden. After all they are the only country to have introduced an FTT.
"This is what their Finance Minister, Anders Borg had to say on the subject in September: 'When Sweden began taxing financial transactions in the 1980s, between 90%-99% of traders in bonds, equities and derivatives moved out of Stockholm to London. The impact was basically that we did not get any tax revenue. It brought in very little tax money while moving most of the businesses outside of Sweden'.
Farage continued: "The EU in its desperation to raise funds to support its failed economic experiment must not be allowed to destroy the City of London."
http://www.ukip.org/content/latest-news/2574-transaction-tax-in-place-by-end-of-2012
France's Europe Minister, Jean Leonetti, today announced on French TV that the tax would be in place by the end of 2012.
According to Leonotti, France and Germany were in agreement while all bar two other EU countries were acquiescent.
UKIP Leader Nigel Farage said: "It comes as no surprise that France and Germany are in full agreement on this tax. Why wouldn't they agree to raid Britain to fund their own failures?
"David Cameron has to block this proposal. It is not in Britain's interests, it will be immensely damaging and cannot be allowed to happen. It is no surprise that the only other country apart from Britain which is unhappy with the Franco-German proposal is Sweden. After all they are the only country to have introduced an FTT.
"This is what their Finance Minister, Anders Borg had to say on the subject in September: 'When Sweden began taxing financial transactions in the 1980s, between 90%-99% of traders in bonds, equities and derivatives moved out of Stockholm to London. The impact was basically that we did not get any tax revenue. It brought in very little tax money while moving most of the businesses outside of Sweden'.
Farage continued: "The EU in its desperation to raise funds to support its failed economic experiment must not be allowed to destroy the City of London."
http://www.ukip.org/content/latest-news/2574-transaction-tax-in-place-by-end-of-2012
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