Cameron threatens to veto the Tobin tax
The British Prime Minister David Cameron has said that he would veto the proposal for EU-wide tax on financial transactions, unless this measure doesn’t get introduced in the rest of the world. His words further deepen the confrontation with the leading forces in the European Union, namely, France and Germany. Nevertheless, all things considered I believe that Cameron should be recognised for his baldness and willingness to protect the rights of the British citizens.
According to Cameron, France is more than free to introduce taxation on financial transactions. Paris and Berlin are trying very hard to get the Tobin tax, a rather unusual, but commonly used name for the directive, introduced in all member states. A couple of days ago, after a meeting with the new Italian Prime Minister Mario Monti, the French president Nicolas Sarkozy announced that he intends to introduce such a taxing policy this year and he has no intention to wait for the other EU countries to do so. On the other hand Great Britain demonstratively opposes the German-French plan, simply because the new taxing policy will hit hard London, which is a global financial centre and is responsible for a major share of the national tax revenue. Cameron’s threat to block the new tax makes his relations with the rest of the EU even more complicated. As you all remember, in December 2011 he made the other EU leaders very frustrated by refusing to join a new European treaty for deeper fiscal integration in the Euro zone, a treaty that aims to tackle the still on-going financial crisis in Europe. Anyhow, Cameron claims that the new tax is highly unnecessary and it will further complicate the economic system, which even today needs some cleansing data manipulations almost every day, as there are way too many numbers and procedures. He argues that the other EU countries can use the existing British financial instruments, which according to the PM are more than sufficient.
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