Sarkozy and Merkel plot £13bn tax raid on UK to save crumbling euro

[-:Undertaker:-]

http://www.dailymail.co.uk/news/arti...save-euro.html

Sarkozy and Merkel plot £13bn tax raid on the UK to save euro

• Plan will see all EU members help bail out the euro
• MPs urge George Osborne to veto the move

France and Germany yesterday demanded a £13billion-a-year tax raid on Britain to bail out the euro. But a leading think-tank branded the plans ‘economic suicide’ for the UK.German Chancellor Angela Merkel and French President Nicolas Sarkozy said they wanted to slap a financial transactions tax on all 27 countries in the European Union – in order to prop up the 17 nations in the single currency.

Plot: Angela Merkel and Nicolas Sarkozy have proposed a tax for all 27 EU countries that would help bail out the euro members, but the City of London would be disproportionately hit

The ‘Tobin tax’ would disproportionately hit the City of London, which accounts for about 70 per cent of the financial services industry in Europe. Last night Tory MPs, MEPs and economists urged George Osborne to veto the plans to prevent a new economic whirlwind that would derail the recovery. France and Germany agreed plans for a transactions tax on Tuesday as part of a deal to set up a new ‘true European economic government’ for the eurozone. But yesterday Mrs Merkel and Mr Sarkozy went a step further, demanding that the tax raid hit the entire EU.

A transactions tax – also known as a Robin Hood tax because it targets rich traders – would see a small percentage taken from foreign exchange and share transactions. But experts say the same tax would have to be imposed at the same time in all the world’s major markets or banks and dealers would simply leave London and base themselves in New York, Tokyo or Hong Kong instead. The two leaders outlined the plans in a letter to Herman Van Rompuy, unelected president of the European Council.

Thirteen billion reasons more to leave the European Union immediately. Does anybody remember electing the European commission or electing Nicholas Sarkozy and Angela Merkel to dictate what tax schemes we have placed over the City of London? no? me neither. Well I hope what those who couldn't see (or didn't want to see) before what this undemocratic project is about, to create a European superstate, a new identity, to forget history and the nation states of Europe - i'm as much a European as a German was a Soviet.

As somebody pointed out on the Telegraph, isn't it strange; monetary union failed because it needed fiscal union..... now fiscal union is on its way but its obvious that fiscal union will also fail without political union.

How convenient.

Thoughts? what should the United Kingdom do?

[Chippiewill]

I feel that the seventeen-legged race isn't going to well, and I feel that adding ten more legs to help prop them up won't resolve this issue either. They need to cut the bonds and not drag the rest of us down with them. We should advise them to quit that half-baked idea of a unified currency and leave the EU ourselves before we're back to bartering (With our plentiful non-existant gold reserves).

[GommeInc]

Ah yes, taxing the countries who are in debt to get others out of debt. That's like attempting to save a burning house by chucking the burning furniture in the living room into the dining room in the hopes it won't spread.

We really should just pull out, and the countries who make up this failed organisation should just give up too.