Friday, January 30th1.0°C
24779
24805

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

24811


Recent Trending




Today's Market
S&P TSX14598.64-4.24
S&P CDNX666.37-0.93
DJIA17304.17-112.68
Nasdaq4610.886-27.108
S&P 5001996.64-5.52
CDN Dollar0.7885-0.0038
Gold1286.60-5.10
Oil46.60+0.24
Lumber318.40+2.90
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.45-0.02
Cantex0.04+0.005
Anavex Life Sciences0.185+0.003
Metalex Ventures0.0350.00
Russel Metals23.61-0.09
Copper Mountain Mining0.99-0.01
Colorado Resources0.1450.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.030.00
Mission Ready Services0.210.00

 



24393

FEATURED Property
2178998305-140 Asher Road
2 bedrooms 2 baths
$222,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_





24709


Member of BC Press Council


24975