January 17, 2012
By Darren Ennis (from MHP Communications, Brussels)
Plans for a European Union-wide Financial Transaction Tax are taking shape with battle lines drawn between member states ahead of the crunch EU leaders’ summit at the end of the month. The FTT has become the latest chapter in the bitter dispute between London and Brussels with David Cameron expected once again to lock horns with Merkozy. However, it now looks like the British Prime Minister will not be alone in opposing the so-called Tobin Tax.
Denmark, which took over the rotating EU presidency on January 1, has expressed concern. Sweden, Ireland and Poland are among the others also unhappy with the idea of taxing transactions on stocks, shares, bonds and derivatives, if for differing reasons. Even in Germany, Chancellor Merkel is facing opposition from within her own party, not to mention her coalition partner and the German banks.
“The FTT has become David Cameron’s Trojan […]