Mayor tells EU to drop financial tax

Article reported that the powerful Mayor of London, Boris Johnson, stepped up London’s opposition to European Union plans for a tax on financial transactions in October 2011

In a plainly worded letter to José Manuel Barroso, European Commission President, Mr Johnson said he was 'strongly opposed' to the scheme, which would drive business out of London and cost jobs.

The letter from the mayor of Europe’s largest financial centre would strengthen growing opposition to the so-called 'Tobin tax', named after the US economist who proposed a levy on currency trades in the 1970s.

Some European politicians, notably in France, have for years called for a financial transaction tax, which Mr Barroso claimed could raise €55bn.

ESO: Background information: Barroso backs transactions tax http://www.europeansources.info/record/barroso-backs-transactions-tax/

European Commission; DG Taxation and Customs Union; Taxation: Other taxes: Financial Sector: Taxation of the financial sector http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sector/index_en.htm

ESO: Background information: UK faces tax plan hit despite mooted opt-out / Tax plan raises fears for Europe business http://www.europeansources.info/record/uk-faces-tax-plan-hit-despite-mooted-opt-out-tax-plan-raises-fears-for-europe-business/

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