MEPs plot to impose financial transaction tax on UK

Discussion in 'Wall St. News' started by Dogfish, Oct 6, 2011.

  1. Dogfish

    Dogfish

    http://www.telegraph.co.uk/finance/...o-impose-financial-transaction-tax-on-UK.html

    Oct 6th 2011

    A group of European politicians is plotting to impose the financial transaction tax (FTT) in a way that Britain would be powerless to veto, a British Member of the European Parliament has warned.

    Dr Kay Swinburne, MEP and spokesman for Europe's economic and monetary affairs committee, told a group of regulators in Manchester that Britain was wrong to "relax" and rely on its veto to block the controversial tax.

    She said a group led by Algirdas Semeta, the European tax commissioner, had "already started work" on presenting FTT as a valued added tax (VAT) - which could be imposed without being ratified by a vote and therefore strip Britain of its right to veto.

    Under European rules, new taxes have to be agreed unanimously by all members but VAT can become law with a simple majority.

    cont.