Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

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

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates