The Commission has put forward a proposal to introduce a financial transaction tax under Article 113 of the Treaty on the Functioning of the European Union. Proposals put forward under Article 113 require unanimity in the Council of Ministers, giving the UK Government a veto over any such proposal. The Government oppose a European financial transaction tax.We shall see what will happen later on in the process but this is where we stand at the moment officially.
In addition, the Commission has put forward a proposal under Article 311 to use revenues from its proposed financial transaction tax to part-fund the EU budget. Article 311 also requires unanimity in the Council of Ministers, giving the UK Government a veto over any such proposal. The Government oppose any new taxes to fund the EU budget.
Wednesday, November 23, 2011
Still opposed to the financial transaction tax
In response to a question by Lord Pearson of Rannoch about the proposed financial transaction tax under Article 311 of the Treaty on the Functioning of the European Union, Lord Sassoon wrote:
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What will happen next?
ReplyDeleteCameron will cave, of course.
Why on earth would you expect anything else to happen next?
There will be some sort of fig leaf, of course - an empty promise to look at reforming the CAP, or something like that.
But he'll cave.
What will happen next?
ReplyDeleteCameron will cave, of course.
Why on earth would you expect anything else to happen next?
There will be some sort of fig leaf, of course - an empty promise to look at reforming the CAP, or something like that.
But he'll cave.
What will happen next?
ReplyDeleteCameron will cave, of course.
Why on earth would you expect anything else to happen next?
There will be some sort of fig leaf, of course - an empty promise to look at reforming the CAP, or something like that.
But he'll cave.