British PM Against EU’s New Financial Transaction Tax

The annual Global Investment Conference was held in London last Thursday. One of the most interesting moments at the event was David Cameron’s statement against the European Union’s planned financial transactions tax. According to the British PM, the introduction of this tax will have a negative impact on the finances of the entire union.

Cameron continued by adding that politics shouldn’t try to make things harder for banks and other financial institutions, and that the introduction of this new levy will be counter productive.

For those of you who are not familiar with the EU’s plans, they are preparing a new type of tax that will affect all financial transactions which include at least one party from the EU. According to Cameron, this tax will only work properly if it is introduced across the entire world, not only in Europe.

The Prime Minister added that the UK’s membership in the EU, and the relationship between the country and the organization should be renegotiated in order to hold a referendum regarding the UK’s membership. He ended his statement by saying that the European Union needs to think of new reforms which will make the organization more flexible in terms of support for countries that are in the single currency, and those which are not, but don’t want to accept the single currency.