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No “crippling new tax on Britain”

January 5th, 2012

Letter sent to the Editor of The Daily Express on 5th January, 2012

Your front page claim that the EU will “hammer Britain with a crippling new tax” (5 Jan) is fantasy. First, as your own article says on page four, the UK has a veto on the proposed financial transaction tax. Second, far from “destroying jobs”, the proposal aims to save jobs by helping prevent crises caused by reckless speculation. The aim is for banks across the EU to contribute fairly to the trillions of pounds and euros it has cost taxpayers to rescue them. Proceeds in the UK would go to national coffers and to reduce the UK’s EU budget contribution. Finally, all EU leaders have repeatedly made clear that they want a responsible City of London to thrive, as thanks to the EU single market it provides vital financial services right across the EU and contributes to jobs and growth in all Member States.

Many thanks

Mark English
Head of Media
European Commission Office in London

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