News from Brussels is that the EU’s financial transaction tax has passed by just one vote. We have written before about the dangers of a transaction tax on the struggling economies of Europe, and so as expected British parties with a hint of economic sense voted strongly against the proposal. All except one. Reports have come in that UKIP’s Godfrey Bloom, someone who has spoken out against such taxes in the past, decided not to attend the session. By losing on the transaction tax by just one vote in it this seems to have been a very costly mistake.
— vickyford MEP (@vickyford) April 28, 2013
The Chancellor George Osborne has said that he is “concerned about the extra-territorial aspects of the European Commission’s proposals.” UK firms would have to pay the tax if they traded with European Firms. Mr Osborne further believes the levy will discourage trades with the City of London.
A UKIP spokesperson had this to say on the matter:
Godfrey was in the UK working on the local elections. We put a substitute in his place who voted.
The Financial Transaction Tax is a disgrace. It is promoted by people who think that earning money is somehow immoral. They are foolish, and the FTT is destructive of the best piece of human ingenuity which is the profit model.