09 MAR 2011
Leader | Daily Express
GAINING tax-raising powers has long been a holy grail for European federalists. The Brussels elite appears determined to lock all of Europe into an economic model of high taxation and over-regulation that has failed everywhere it has been tried.
Top of their hit list for Europe-wide taxation are financial institutions and while the banks have plenty to answer for it would be disastrous for Britain if the Eurocrats succeed. The City of London remains a lucrative industry for this country, generating billions in tax revenue. If finance houses are to be penalised for irresponsible behaviour then it is imperative that extra funds raised are remitted to HM Treasury and not the European Commission.
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