Europe needs your Cash

The EU tax brigade are at it again.

The tax would be levied on capital movements across national frontiers whether for investment or speculation and, depending on the rate at which it was set, could raise some or all of the EU's £65bn annual budget.

They want to achieve three things.

1. Get their hands on your cash
2. Set a precedent
3. Insulate themselves from the control on the budget that member countries have.

If no-one veto’s this proposal, the EU will have gained a very large new piece of power.

'We are trying to build a majority of European Union member states against this idea,' said one senior British Government source, 'but if it comes down to it, we will use the national veto.'

Tony No Veto Blair? We’ll believe it when we see it.