Friday, August 29th13.5°C
22568
22455

EU's top court throws out British challenge to Financial Transaction Tax

BRUSSELS - The European Union's top court dismissed Wednesday a British challenge to the introduction of a tax on financial transactions by 11 European nations as premature.

The court ruled that it could not make a decision on something that hasn't been fully introduced.

Even though the EU's largest economies like Germany and France are pushing for the levy, the British government sought to challenge it because the City of London is the continent's biggest financial hub and the measure could undermine the global competitiveness of its banks.

"This is grave news and further justification for our campaign for the three Rs in Europe — reform, renegotiation and an in-out referendum," said Syed Kamall, leader of Prime Minister David Cameron's Conservative grouping in the European Parliament.

The ruling by the European Court of Justice was immediately seized upon by UKIP, a Euroskeptic party which opinion polls suggest will make big gains in the May 22-25 elections to the Parliament.

UKIP leader Nigel Farage said the ruling "shows that the U.K. cannot act to protect the U.K.'s biggest interest" and that it is "impotent and at the mercy of an antagonistic federalist court."

Under European law, the tax system is pursued under the EU's "enhanced co-operation" provision which allows some countries to press ahead with more integration if an overall deal is not possible. The British government has argued though that even such a partial agreement would have grave consequences on countries that do not go along.

Britain could still challenge the tax at a later stage.

___

Follow Raf Casert on Twitter at http://www.twitter.com/rcasert

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15558.17-44.48
S&P CDNX1022.373.03
DJIA17079.57-42.44
Nasdaq4557.695-11.927
S&P 5001996.74-3.38
CDN Dollar0.9211+0.0004
Gold1281.70-2.1001
Oil94.93+0.38
Lumber349.40+2.40
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.195-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.240.00
Metalex Ventures0.075-0.005
Russel Metals36.39-0.21
Copper Mountain Mining2.91-0.05
Colorado Resources0.180.00
ReliaBrand Inc0.099-0.016
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.25+0.01

 



22587

FEATURED Property
1852793648 keremeos bypass rd
5 bedrooms 4 baths
$530,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...

_








Member of BC Press Council


22097