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View the article online at http://citywire.co.uk/wealth-manager/article/a748662

Top European court rejects Osborne’s Robin Hood tax challenge

by Dylan Lobo on Apr 30, 2014 at 12:18

‘The governments pushing for the tax have already admitted that it is imperfect; it is time to let go of this punitive measure which will damage the savings of hardworking EU citizens and focus on effective fiscal policy which can create a thriving and sustainable banking culture.’

CLC estimates the FTT in its current form would cost the UK £3.6 billion even though the UK is not planning to participate.

‘The UK’s economic recovery has been hard-fought; it should not be stalled by a £3.6 billion tax on British household savings,’ Boleat said.  

The Confederation of British Industry (CBI) was also scathing. 'This decision about legal procedure doesn’t change the fact that the financial transactions tax will damage growth, jobs and investment across Europe,' CBI chief policy director Katja Hall said.

'It will have a far-reaching impact on non-participating member states, by including extra-territorial reach into financial services activity conducted in the UK.'

'As the UK’s largest single trading partner, a healthy European economy is in everyone’s interests so we urge that this damaging tax is re-considered.'

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2 comments so far. Why not have your say?

Knowledgable insider

Apr 30, 2014 at 13:03

The dynamic duo 'Cameron & Osborne' had better get used to being shown the exit door when it comes to 'negotiating' better term with our 'European Partners' I imagine the public will let them know at the forthcoming European elections what they think of these two's ability to change Eururopean minds. Cameron is yet again lying about his intentions of having a fair referendum and the public have rumbled him as hes about to find out in May!! This is the main reason for UKIP's advance as they appear to be the only party that will trust the public with a fair vote.

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Peter Barrett

May 02, 2014 at 15:57

Laurel & Hardy have absolutely no chance of negotiating any meaningful benefits for the UK from the crooks in Brussels; it is criminal that unelected bureaucrats can impose draconian taxes on the UK when we are not even in the dodo (euro).

When the euro was launched I wrote to several MPs saying it would probably end in war and was actually ridiculed by one; recently we have had anarchy in Cyprus and Greece, new "governments" imposed on the Greeks & Italians along with demonstrations throughout Europe. The can has simply been kicked down the road, the only consistent theme is that the EU, since inception has never balanced its books and its budget is ever increasing .

The lunatics in the Westminster asylum are scared to oppose these measures and regrettably it will require serious civil unrest in the UK to get us away from this cancerous mess, unless UKIP are able to win 150 seats at the next election. The traitors in Westminster should be dragged to the Tower of London and executed.

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