Saturday, August 20, 2011

Britain faces £50 billion bill under Brussels tax raid to bail out euro - 19th Aug 2011

Britain faces a £50billion bill under plans for a new tax raid by Brussels, according to a report.

That is the price the UK might have to pay if the European Union imposes a financial transaction tax demanded by France and Germany.

German Chancellor Angela Merkel and French President Nicolas Sarkozy want to impose the levy across the EU to help bail out the euro.

But the vast majority of the cash would be seized from institutions in the City of London – which the Government fears would lead to major banks and investment firms leaving to set up shop elsewhere.

The so-called ‘Tobin Tax’ or ‘Robin Hood Tax’ is just one of ten direct taxes that the EU is considering introducing. Read More