Cameron says NO

David Cameron vetoes EU-wide treaty change.

France and Germany want to impose a Financial Transaction Tax across the EU to raise more money to bail out countries with failing economies. The new tax would hit the UK the hardest, some estimate that the UK would contribute 80% of the new taxes if we agreed to it. Cameron refused.

Does this refusal signify the beginning of the end of the UK's EU membership? A good thing or a bad thing?

 

Where do you get the 80% figure from? It isn't mentioned in the article.

 

The comments...I said "some".

 

Good to see reputable sources being cited.

 

That's a little disingenuous. One mystery guy's comment on a message board is hardly enough to give the figure any credence. I think we can ignore it till we see it from a more reliable source.

 

Makes no difference to the trade treaty with the EU, so nothing lost and no additional reason for Sarakozy/Merkel to dip their grubby little hands into the UK/Swedish/Czech/Hungarian taxpayers pot to further lengthen the demise of the Euro .. about time someone stuck to their guns when under pressure from this mob .. although doubt Cleggy and Co. will be too pleased (but who cares) ..

 

I dont think this is the start of us backing out of Europe. I think its just Cameron being backed into a corner by Labour and the public view so having to step up and use his Veto.

 

Let us not worry about the true figure, it's safe to say that the new tax would hit the UK harder than any other EU country.

 

Thank God he vetoed that. It would be the first step towards losing financial independance and we cannot let that happen, but it in no way is a movement towards the end of EU membership.

 

John Major:
The proposal at the moment for a financial transaction tax is a heat-seeking missile proposed in continental Europe aimed at the City of London. If there were such a tax about 80%, 85% of the yield would come from the City of London.

 

Before going off to Brussels for the summit this week, David Cameron stopped off in Manchester for tips on getting out of Europe.

 

Cheers.

 

Surely he said no to appease his back benchers?

 

He'll cave in eventually he always does

 

be strong dave.

 

**** Europe.

 

If they all go under and the Euro goes south at least we will be able to get a cheap holiday again!

 

Yeah, hurrah for Europe.

 

I think the other point to saying no also stems from the fact that as we as a nation are so reliant on financial services the companies based here will up sticks and go elsewhere where they are not as heavily taxed. Which by us not forming part of this treaty may also be better for the city as companies based in the eurozone may move their business here.

 

Whichever way you look at it it was a very smart move - the collective indignation from around Europe this morning would certainly indicate that we've pulled off a masterstroke. . I don't know who thoguht of it but i very much doubt it was Cameron, Clegg or Osborne as they couldn't clean their teeth without a set of instructions.