Sunday, July 5th12.9°C
25936
24949

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 TSX14682.39+44.40
S&P CDNX670.58-1.00
DJIA17730.11-27.80
Nasdaq5009.21-3.91
S&P 5002076.78-0.64
CDN Dollar0.7955-0.0018
Gold1167.10+4.10
Oil56.20-1.41
Lumber288.50+0.40
Natural Gas2.77-0.05

 
Okanagan Companies
Pacific Safety0.17+0.00
Knighthawk0.010.00
QHR Technologies Inc1.52-0.03
Cantex0.035-0.015
Anavex Life Sciences0.455+0.004
Metalex Ventures0.075+0.010
Russel Metals22.78-0.09
Copper Mountain Mining1.17+0.03
Colorado Resources0.09+0.03
ReliaBrand Inc0.006+0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.165+0.005
Decisive Dividend Corporation3.00+0.50

 





FEATURED Property
23504802618 Cameron Road
4 bedrooms 2 baths
$349,800
more details
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_



26370




Member of BC Press Council


26680