Cameron vows to block EU-wide Tobin tax

[dipsydoodle]

(Reuters) - Prime Minister David Cameron said Sunday he would veto a European-wide financial transaction tax unless it was imposed globally, deepening a confrontation with European Union heavyweights France and Germany.

He said France should be free to go it alone and introduce a financial transactions tax if it wished.

Paris and Berlin want an EU-wide tax on financial transactions but Britain is resisting, fearing it will damage the City of London, a global financial center where much of the tax would be raised.

Cameron's threat to block the tax comes after he angered EU partners last month by vetoing a new EU treaty on greater fiscal integration in the euro zone, aimed at defusing the euro debt crisis. Critics said his move risked leaving Britain isolated from the other 26 EU members.

http://uk.reuters.com/article/2012/01/08/uk-britain-tax-idUKTRE80707D20120108 LONDON | Sun Jan 8, 2012 1:56pm GMT

[Vincardog]

1. Note the RW bowing to the economic royals